Published on 2/23/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.99 million callable contingent coupon notes on Russell, S&P
By Devika Patel
Knoxville, Tenn., Feb. 23 – Barclays Bank plc priced $2.99 million of callable contingent coupon notes due Feb. 23, 2017 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 8.5% if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless any index finishes below its 70% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are callable in whole but not in part at par on any interest payment date.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000, S&P 500
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Amount: | $2,993,000
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Maturity: | Feb. 23, 2017
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Coupon: | 8.5% annualized, per quarter that each index closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case full exposure to any losses of worst performing index
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Call option: | At par on any interest payment date
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Initial levels: | 1,010.01 for Russell, 1,917.78 for S&P
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Barrier levels: | 707.01 for Russell, 1,342.45 for S&P; 70% of initial levels
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Pricing date: | Feb. 19
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Settlement date: | Feb. 26
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Agent: | Barclays
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Fees: | 1.5%
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Cusip: | 06741U5K6
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