Published on 3/14/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million contingent quarterly payment callable yield notes on indexes
By Toni Weeks
San Luis Obispo, Calif., March 14 - Barclays Bank plc priced $3 million of contingent quarterly payment callable yield notes due March 15, 2018 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Noteholders will receive quarterly payments at the rate of 9.5% per year if the lowest-performing index closes at or above its coupon barrier level, 65% 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.
The notes are callable at par on any quarterly contingent payment date after one year.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent quarterly payment callable yield notes
|
| Underlying indexes: | Euro Stoxx 50 index and Russell 2000 index
|
| Amount: | $3 million
|
| Maturity: | March 15, 2018
|
| Coupon: | 9.5% per year, payable quarterly if lowest-performing index closes at or above coupon barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of lowest-performing index is greater than or equal to barrier level, par; otherwise, full exposure to decline of lowest-performing index
|
| Call option: | At par on any quarterly contingent payment date beginning March 19, 2014
|
| Initial levels: | 2,728.78 for Euro Stoxx and 942.5 for Russell
|
| Barrier levels: | 1,637.27 for Euro Stoxx and 565.5 for Russell, 60% of initial levels
|
| Coupon barrier levels: | 1,773.71 for Euro Stoxx and 612.63 for Russell, 65% of initial levels
|
| Pricing date: | March 12
|
| Settlement date: | March 15
|
| Underwriter: | Barclays
|
| Fees: | 1.05%
|
| Cusip: | 06741TQV2
|
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