By Toni Weeks
San Luis Obispo, Calif., June 26 – Barclays Bank plc priced $1.97 million of phoenix callable notes due June 29, 2017 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7% if the index closes at or above its coupon barrier, 78% of its initial level, on the observation date for that quarter.
If the index finishes at or above its 78% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
The final index level will be the average of the closing index levels on the five trading days ending June 26, 2017.
The notes are callable at par plus the coupon on any quarterly observation date other than the final observation date.
Barclays is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix callable notes
|
| Underlying index: | Euro Stoxx 50
|
| Amount: | $1.97 million
|
| Maturity: | June 29, 2017
|
| Coupon: | 7% per year, payable quarterly if index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | If index finishes at or above trigger level, par plus the contingent coupon; otherwise, full exposure to any losses
|
| Call option: | At par plus contingent coupon on any quarterly observation date other than final date
|
| Initial level: | 3,610.95
|
| Barrier/trigger level: | 2,816.54, 78% of initial level
|
| Pricing date: | June 24
|
| Settlement date: | June 29
|
| Agents: | Barclays; J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA (placement)
|
| Fees: | 1.5%
|
| Cusip: | 06741UYT5
|
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