Barclays eyes step-up callable contingent payment notes on S&P, Russell

By Sarah Lizee

Olympia, Wash., April 5 – Barclays Bank plc plans to price step-up callable contingent payment notes due April 30, 2029 linked to the least 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 75% coupon barrier level on the valuation date for that quarter. The coupon will be 7.5% per annum initially, stepping up to 8.5% beginning in July 2024 and to 10% beginning in July 2027.

The notes are callable at par plus any contingent coupon at the discretion of the issuer on any coupon payment date after six months.

The payout at maturity will be par plus any coupon unless either index finishes below the 50% 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: 06747MLZ7) will price on April 25.

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