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Barclays plans phoenix autocallables linked to Russell 2000, S&P 500
By Devika Patel
Knoxville, Tenn., Dec. 7 – Barclays Bank plc plans to price phoenix autocallable notes due Dec. 26, 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.
The notes will pay a monthly contingent coupon at the rate of between 11% and 12% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period. The exact coupon will be set at pricing.
Beginning March 20, 2019, the notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any monthly observation date other than the final one.
The payout at maturity will be par unless either index closes below its barrier level, 70% of the initial level, during the life of the notes and either index finishes below its initial level, in which case, investors will lose 1% for each 1% decline of the lesser-performing index.
Barclays is the agent.
The notes (Cusip: 06747M2C9) will price on Dec. 20 and settle on Dec. 26.
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