Published on 4/30/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $656,000 callable contingent payment notes linked to two indexes
By Susanna Moon
Chicago, April 30 – Barclays Bank plc priced $656,000 of callable contingent payment notes due April 30, 2019 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.6% if each index closes at or above its barrier level, 60% of the initial level, on a valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date after one year.
The payout at maturity will be par unless either index finishes below the 60% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent payment notes
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $656,000
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Maturity: | April 30, 2019
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Coupon: | 5.6% per year, payable quarterly if each index closes at or above barrier level on valuation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to losses of worst performing index
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Call option: | At par on any interest payment date beginning April 2016
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Initial index levels: | 2,108.92 for S&P, 1,252.70 for Russell
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Barrier levels: | 1,265.35 | for S&P, 751.62 for Russell; 60% of initial levels
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06741UTZ7
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