By Tali Rackner
Norfolk, Va., July 1 – Barclays Bank plc priced $1.49 million of callable contingent coupon notes due Sept. 29, 2017 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 8% if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date other than the first one.
The payout at maturity will be par unless the final level of the lesser-performing index is less than its initial level and either index closes below its barrier level on any day during the life of the notes, in which case investors will be exposed to the decline of the lesser-performing index from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1.49 million
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Maturity: | Sept. 29, 2017
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Contingent coupon: | 8% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless final level of lesser-performing index is less than initial level and either index closes below barrier level on any day during life of notes, in which case exposure to decline of lesser-performing index from initial level
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Call option: | At par on any interest payment date other than the first date
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Initial index levels: | 1,089.65 for Russell 2000 and 2,000.54 for S&P 500
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Barrier levels: | 762.76 for Russell 200 and 1,400.38 for S&P 500; 70% of initial levels
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06741V4N9
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