Published on 4/12/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.56 million contingent payment notes linked to Russell, iShares MSCI EAFE
By Angela McDaniels
Tacoma, Wash., April 12 - Barclays Bank plc priced $2.56 million of quarterly contingent payment callable notes due April 13, 2018 linked to the lesser return of the Russell 2000 index and the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, noteholders will receive a contingent payment at the rate of 7.6% per year if the lowest-performing component closes at or above its barrier level, 60% of its initial level, on the valuation date for that quarter.
If the final level of the lowest-performing component 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 component from its initial level.
Beginning April 17, 2014, the notes will be callable at par on any quarterly contingent payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Quarterly contingent payment callable notes
|
| Underlying components: | Russell 2000 index and iShares MSCI EAFE index fund
|
| Amount: | $2,555,000
|
| Maturity: | April 13, 2018
|
| Coupon: | 7.6% per year, payable quarterly only if lowest-performing component closes at or above its 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 its barrier level, par; otherwise, full exposure to decline of lowest-performing component from its initial level
|
| Call option: | At par on any quarterly contingent payment date from April 17, 2014 onward
|
| Initial levels: | 923.28 for index and $58.77 for ETF
|
| Barrier values: | 553.97 for index and $35.26 for ETF; 60% of initial levels
|
| Pricing date: | April 10
|
| Settlement date: | April 15
|
| Agent: | Barclays
|
| Fees: | 1.8%
|
| Cusip: | 06741TSS7
|
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