Barclays plans step-up callable contingent payment notes on indexes

By Sarah Lizee

Olympia, Wash., Dec. 13 – Barclays Bank plc plans to price step-up callable contingent payment notes due Dec. 29, 2028 linked to the lesser performing 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 annualized rate if each index closes above the 60% coupon barrier level on the valuation date for that quarter. The coupon will be 8% per annum initially, stepping up to 10% beginning in March 2024 and to 12% beginning in March 2027.

The notes are callable at par plus any contingent coupon on any interest payment date.

The payout at maturity will be par unless either index finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.

Barclays is the agent.

The notes (Cusip: 06747M4V5) will price on Dec. 27 and settle on Dec. 31.

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