Published on 4/22/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million step-up contingent payment notes linked to Russell, Euro Stoxx
By Angela McDaniels
Tacoma, Wash., April 22 – Barclays Bank plc priced $1 million of step-up callable contingent payment notes due April 23, 2025 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that quarter. The contingent interest rate is 9% per year for quarters one through 16, 11% per year for quarters 17 through 32 and 13% per year for quarters 33 through 40.
The payout at maturity will be par unless the lesser-performing index finishes below its barrier level, 50% of its initial level, in which case investors will be fully exposed to the decline of that index from its initial level.
After six months, the notes are callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up callable contingent payment notes
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $1 million
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| Maturity: | April 23, 2025
|
| Coupon: | Notes pay quarterly contingent coupon if each index closes at or above coupon barrier level on valuation date for that quarter; contingent interest rate is 9% per year for quarters one through 16, 11% per year for quarters 17 through 32 and 13% per year for quarters 33 through 40
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing index finishes below barrier level, in which case full exposure to decline of lesser-performing index
|
| Call option: | At par on any interest payment date beginning six months after issuance
|
| Initial index levels: | 1,272.90 for Russell 2000 and 3,751.72 for Euro Stoxx 50
|
| Coupon barrier levels: | 891.03 for Russell 2000 and 2,626.20 for Euro Stoxx 50; 70% of initial levels
|
| Barrier levels: | 636.45 for Russell 2000 and 1,875.86 for Euro Stoxx 50; 50% of initial levels
|
| Pricing date: | April 17
|
| Settlement date: | April 22
|
| Agent: | Barclays
|
| Fees: | 3.6%
|
| Cusip: | 06741UUQ5
|
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