Published on 12/12/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million callable contingent payment notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., Dec. 12 - Barclays Bank plc priced $1 million of callable contingent payment notes due Dec. 15, 2015 linked to the lowest return of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, noteholders will receive a contingent payment at the rate of 4.1% per year if the lowest-performing index closes at or above its barrier level, 61% of its initial level, on the valuation date for that quarter.
If the final level of the lowest-performing index is greater than or equal to its barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lowest-performing index from its initial level.
Beginning in June 2014, the notes will be callable at par on any quarterly contingent payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent payment notes
|
| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
|
| Amount: | $1 million
|
| Maturity: | Dec. 15, 2015
|
| Coupon: | 4.1% per year, payable quarterly if lowest-performing component closes at or above barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of lowest-performing component is greater than or equal to barrier level, par; otherwise, full exposure to decline of lowest-performing component
|
| Call option: | At par on any quarterly contingent payment date from June 2014 onward
|
| Initial index levels: | 1,802.62 for S&P 500, 1,119.69 for Russell 2000 and 2,906.86 for Euro Stoxx 50
|
| Barrier levels: | 1,099.60 for S&P 500, 683.01 for Russell 2000 and 1,806.12 for Euro Stoxx 50; or 61% of initial levels
|
| Pricing date: | Dec. 10
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| Settlement date: | Dec. 16
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| Agent: | Barclays
|
| Fees: | 1.9%
|
| Cusip: | 06741T3E5
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