By Marisa Wong
Madison, Wis., May 3 - Barclays Bank plc priced $5 million of fixed-rate dual range accrual notes due May 8, 2023 linked to Libor and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 7.25% per year multiplied by the proportion of days on which Libor is 6% or less and the index's closing level is greater than or equal to 70% of the initial index level. Interest is payable quarterly.
If the index finishes at or above 50% of the initial level, the payout at maturity will be par. If the index finishes below the 50% barrier level, investors will share fully in losses.
Beginning May 8, 2014, the notes will be callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Fixed-rate dual range accrual notes
|
| Underlyings: | Libor and Russell 2000 index
|
| Amount: | $5 million
|
| Maturity: | May 8, 2023
|
| Coupon: | 7.25% per year multiplied by proportion of days on which Libor is 6% or less and Russell 2000 closes at or above index barrier; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than or equal to barrier level, par; otherwise, full exposure to losses
|
| Initial index level: | 939.85
|
| Index barrier: | 657.89, 70% of initial level
|
| Barrier level: | 469.92, 50% of initial level
|
| Pricing date: | May 2
|
| Settlement date: | May 8
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06741TUK1
|
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