Published on 6/18/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million contingent payment notes tied to Russell 2000
By Susanna Moon
Chicago, June 18 - Barclays Bank plc priced $3 million of contingent payment notes due June 19, 2028 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 8.25% if the index closes above the coupon barrier level, 75% of the initial level, on a quarterly valuation date.
The payout at maturity will be par unless the index finishes below the 60% barrier level, in which case investors will be fully exposed to losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Contingent payment notes
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Underlying index: | Russell 2000
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Amount: | $3 million
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Maturity: | June 19, 2028
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Coupon: | 8.25% annualized for each quarter that index closes above coupon barrier level on valuation date for that quarter
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Price: | Par
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Payout at maturity: | If final level is greater than or equal to barrier level, par; otherwise, full exposure to losses
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Initial index level: | 981.38
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Coupon barrier level: | 736.04, 75% of initial level
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Barrier level: | 588.83, 60% of initial level
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Pricing date: | June 14
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Settlement date: | June 19
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Underwriter: | Barclays
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Fees: | 3%
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Cusip: | 06741TXP7
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