Barclays eyes callable step-up contingent coupon notes on Russell, Nasdaq

By Sarah Lizee

Olympia, Wash., June 11 – Barclays Bank plc plans to price callable step-up contingent coupon notes due June 28, 2029 linked to the lesser performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate if each underlying asset closes at or above its 70% coupon barrier on the observation date for that quarter. The contingent coupon will be 7% for the first five years, stepping up to 10% beginning in September 2024 and to 12% in September 2027.

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

The payout at maturity will be par unless either underlying asset closes below its 60% trigger level, in which case investors will be exposed to any losses of the worse performing index.

Barclays is the agent.

The notes will price on June 25.

The Cusip number is 06747MYB6.

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