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Barclays to price phoenix autocallables tied to S&P, Russell
By Sarah Lizee
Olympia, Wash., Feb. 12 – Barclays Bank plc plans to price phoenix autocallable notes due Feb. 19, 2027 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.
Each month the notes will pay a contingent coupon at the rate of 6% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning in February 2020.
If the notes are not called, the payout at maturity will be par unless either index finishes below its 60% barrier level, in which case investors will lose 1% for every 1% that the lesser-performing index declines.
Barclays is the agent.
The notes will price on Feb. 15.
The Cusip number is 06747ME69.
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