Barclays plans phoenix autocallables linked to Russell 2000, S&P 500

By Devika Patel

Knoxville, Tenn., April 21 – Barclays Bank plc plans to price phoenix autocallable notes due Jan. 30, 2019 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of between 5.25% and 5.5% per year if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter. The exact coupon will be set at pricing.

The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date, excluding the final date.

If each index finishes at or above its initial level and neither closes below the 70% barrier level during the life of the notes, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index.

Barclays is the agent.

The notes (Cusip: 06741VRR5) will price on April 25 and settle on April 28.

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