Published on 7/31/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million callable contingent pay notes linked to indexes, fund
By Susanna Moon
Chicago, July 31 - Barclays Bank plc priced $5 million of callable contingent quarterly payment notes due July 29, 2016 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying component closes at or above its 65% trigger level on a quarterly review date, the notes will pay a coupon at an annualized rate of 9% for that quarter.
The payout at maturity will be par plus the contingent coupon unless any underlying component finishes below its trigger level, in which case investors will share fully in the decline of the worst performing underlying component.
The notes are callable at par plus the contingent coupon on any quarterly payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent quarterly payment notes
|
| Underlying components: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE index fund
|
| Amount: | $5 million
|
| Maturity: | July 29, 2016
|
| Coupon: | 9% annualized, payable quarterly if each underlying component closes at or above barrier price on review date for that interest period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any component finishes below trigger level, in which case full exposure to losses of worst performing component
|
| Call option: | At par plus contingent coupon on any quarterly payment date
|
| Initial levels: | 1,691.65 for S&P, 1,048.51 for Russell and $60.80 for EAFE fund
|
| Barrier/trigger levels: | 1,099.57 for S&P, 681.53 for Russell and $39.52 for EAFE fund; 65% of initial levels
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Underwriter: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741TYK7
|
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