Published on 6/30/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.8 million contingent payment notes linked to indexes, ETF
By Angela McDaniels
Tacoma, Wash., June 30 – Barclays Bank plc priced $3.8 million of callable contingent payment notes due Dec. 30, 2016 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 9.5% if each underlying component closes at or above its barrier level, 70% of its initial level, on the valuation date for that quarter.
The payout at maturity will be par unless the least-performing underlying component finishes below its barrier level, in which case investors will be fully exposed to the decline of that underlying component from its initial level.
The notes are callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent payment notes
|
| Underlying components: | S&P 500 index, Russell 2000 index and iShares MSCI Emerging Markets ETF
|
| Amount: | $3,797,000
|
| Maturity: | Dec. 30, 2016
|
| Coupon: | 9.5% per year, payable quarterly if each underlying component closes at or above barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing underlying component finishes below barrier level, in which case full exposure to decline of least-performing underlying component
|
| Call option: | At par on any interest payment date
|
| Initial levels: | 2,102.31 for S&P 500, 1,283.28 for Russell 2000 and $40.31 for ETF
|
| Barrier levels: | 1,471.62 for S&P 500, 898.30 for Russell 2000 and $28.22 for ETF; 70% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 30
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741UYC2
|
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