Published on 6/8/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $800,000 callable contingent coupon notes on indexes
By Susanna Moon
Chicago, June 8 – Barclays Bank plc priced $4.41 million of callable contingent coupon notes due Nov. 30, 2017 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 8.25% if each underlying index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index ever closes below its 70% barrier level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are callable at par on any contingent interest payment date beginning in November 2016.
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 and S&P 500
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| Amount: | $800,000
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| Maturity: | Nov. 30, 2017
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| Coupon: | 8.25% annualized, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either index ever closes below its barrier level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index
|
| Call option: | At par on any interest payment date beginning in November 2016
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| Payout at maturity: | Par plus final contingent coupon unless either index finishes below trigger level, in which case full exposure to any losses of worst performing index
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| Initial levels: | 1,141.02 for Russell and 2,090.54 for S&P
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| Barrier levels: | 798.71 for Russell and 1,463.38 for S&P; 70% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | Barclays
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| Fees: | 0%
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| Cusip: | 06741V3G5
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