Published on 4/21/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.12 million contingent payment notes linked to FTSE, DAX
By Angela McDaniels
Tacoma, Wash., April 21 – Barclays Bank plc priced $9.12 million of callable contingent payment notes due April 20, 2017 linked to the lesser performing of the FTSE 100 index and the DAX index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 5.3% if each index closes at or above its barrier level, 65% of its initial level, on the valuation date for that quarter.
The payout at maturity will be par unless the lesser-performing index finishes below its barrier level, in which case investors will be fully exposed to the decline of that index from its initial level.
After six months, the notes are callable at par on any interest payment date.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent payment notes
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Underlying indexes: | FTSE 100 and DAX
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Amount: | $9,115,000
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Maturity: | April 20, 2017
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Coupon: | 5.3% per year, payable quarterly if each index closes at or above barrier level on valuation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless lesser-performing index finishes below barrier level, in which case full exposure to decline of lesser-performing index
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Call option: | At par on any interest payment date beginning six months after issuance
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Initial index levels: | 6,994.63 for FTSE 100 and 11,688.70 for DAX
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Barrier levels: | 4,546.51 for FTSE 100 and 7,597.66 for DAX; 65% of initial levels
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Pricing date: | April 17
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Settlement date: | April 22
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Agent: | Barclays
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Fees: | 1.25%
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Cusip: | 06741UUP7
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