Published on 7/18/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.84 million callable contingent payment notes on indexes, fund
By Jennifer Chiou
New York, July 18 – Barclays Bank plc priced $6,838,000 of callable contingent payment notes due July 20, 2017 linked to the S&P 500 index, Russell 2000 index and iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 8% if each underlying component closes at or above its coupon barrier level, 65% of the initial level, on a quarterly valuation date. Otherwise, no coupon will be paid that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless the least-performing component finishes below the 65% barrier level, in which case investors will be fully exposed to the decline of the least-performing component.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent payment notes
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| Underlying components: S&P 500 index, Russell 2000 index and iShares MSCI Emerging Markets exchange-traded fund
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| Amount: | $6,838,000
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| Maturity: | July 20, 2017
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| Coupon: | 8% per year, payable quarterly if each component closes at or above barrier level on valuation date for that quarter
|
| Price: | Par
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| Payout at maturity: | If final level of least-performing component is greater than or equal to barrier level, par; otherwise, full exposure to decline of least-performing component
|
| Call option: | At par on any quarterly contingent payment date
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| Initial levels: | 1,981.57 for S&P, 1,151.55 for Russell, $44.31 for iShares EM
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| Barrier levels: | 1,288.02 for S&P, 748.51 for Russell, $28.80 for iShares EM, 65% of initial levels
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Underwriter: | Barclays
|
| Fees: | 1.75%
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| Cusip: | 06741JU56
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