Published on 6/9/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million digital notes tied to S&P 500, Russell 2000
By Toni Weeks
San Luis Obispo, Calif., June 9 – Barclays Bank plc priced $2 million of 0% digital notes due June 2, 2020 linked to the lower return of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of the lesser-performing index is greater than or equal to its barrier level, 70% of its initial level, the payout at maturity will be par plus 47.35%.
If the final level of the lesser-performing index is less than its barrier level but equal to or greater than its principal barrier level, 60% of its initial level, the payout will be par.
If the final level of the lesser-performing index is less than its principal barrier level, investors will receive the return of the lesser-performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Digital notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $2 million
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Maturity: | June 2, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final level of lesser-performing index is at least 70% of initial level, par plus 47.35%; if final level of lesser-performing index is less than 70% barrier level but at least 60% of initial level, par; otherwise, par plus return of lesser-performing index
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Initial index levels: | 1,924.24 for S&P and 1,126.15 for Russell
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Barrier levels: | 1,346.97 for S&P and 788.31 for Russell, 70% of initial levels
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Principal barrier levels: | 1,154.54 for S&P and 675.69 for Russell, 60% of initial levels
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Pricing date: | June 5
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Settlement date: | June 10
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Underwriter: | Barclays
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Fees: | 1%
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Cusip: | 06741JS83
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