Published on 8/29/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $430,000 callable contingent pay notes on Russell 2000
By Susanna Moon
Chicago, Aug. 29 - Barclays Bank plc priced $430,000 of callable contingent payment notes due Aug. 31, 2023 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 annual rate of 8.1% if the index closes above the coupon barrier level, 75% of the initial level, on a quarterly valuation date.
The notes are callable on any interest payment date after one year.
The payout at maturity will be par unless the index finishes below the 55% trigger level, in which case investors will be fully exposed to losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent payment notes
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Underlying index: | Russell 2000
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Amount: | $430,000
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Maturity: | Aug. 31, 2023
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Coupon: | 8.1% 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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Call option: | At par on any interest payment date beginning Aug. 27, 2014
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Initial index level: | 1,013.49
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Coupon barrier level: | 760.12, 75% of initial level
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Trigger level: | 557.42, 55% of initial level
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Pricing date: | Aug. 27
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Settlement date: | Aug. 30
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Underwriter: | Barclays
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Fees: | 3%
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Cusip: | 06741TB48
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