Barclays eyes callable contingent coupon notes linked to S&P, Russell

By Devika Patel

Knoxville, Tenn., July 5 – Barclays Bank plc plans to price callable contingent coupon notes due Aug. 3, 2022 linked to the lesser performing index of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7% to 8% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarterly period. The exact coupon will be set at pricing.

Beginning July 31 2018, the notes are callable at par plus any coupon on any contingent coupon payment date.

The payout at maturity will be par plus the final contingent coupon unless either index finishes below its 65% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.

Barclays is the agent.

The notes (Cusip: 06741VZQ8) will price on July 31 and settle on Aug. 3.

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