Barclays plans autocallable market-linked step-up notes on Euro Stoxx

By Devika Patel

Knoxville, Tenn., May 12 – Barclays Bank plc plans to price 0% autocallable market-linked step-up notes due June 2020 linked to the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be automatically called at par of $10 plus a call premium of 6% to 7% per year if the index closes at or above 95% of the initial index level in June 2018 or June 2019.

If the notes are not called and the final index level is greater than the step-up value, 125% of the initial index level, the payout at maturity will be par plus the index return.

If the final index level is greater than or equal to 95% of the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 25%.

If the final index level is less than 95% of the initial level, investors will be fully exposed to the decline.

BofA Merrill Lynch is the agent.

The notes will price and settle in May.

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