Barclays eyes callable contingent coupon notes tied to three indexes

By Sarah Lizee

Olympia, Wash., Jan. 11 – Barclays Bank plc will sell callable contingent coupon notes due Nov. 3, 2022 linked to the lesser performing of the S&P 500 index, the Russell 2000 index and the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10% to 11% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarterly period.

The notes are callable in whole but not in part at par plus any coupon on any contingent coupon payment date prior to maturity beginning with the second coupon payment date.

The payout at maturity will be par plus any coupon unless any index finishes below its 60% 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: 06747MAS5) will price on Jan. 31.

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