Published on 6/12/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million digital notes tied to S&P 500, Russell
By Toni Weeks
San Luis Obispo, Calif., June 12 – Barclays Bank plc priced $2.5 million of 0% digital notes due Feb. 1, 2017 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, 110% of its initial level, the payout at maturity will be par plus 37.45%.
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, 80% 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 par plus 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: | $2.5 million
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Maturity: | Feb. 1, 2017
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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 110% of initial level, par plus 37.45%; if final level of lesser-performing index is less than 110% barrier level but at least 80% of initial level, par; otherwise, par plus return of lesser-performing index
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Initial index levels: | 1,949.44 for S&P and 1,165.21 for Russell
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Barrier levels: | 2,144.38 for S&P and 1,281.73 for Russell, 110% of initial levels
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Principal barrier levels: | 1,559.55 for S&P and 932.17 for Russell, 80% of initial levels
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Pricing date: | June 10
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Settlement date: | June 13
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Underwriter: | Barclays
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Fees: | 1%
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Cusip: | 06741JT25
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