By Susanna Moon
Chicago, April 25 – Barclays Bank plc priced $1 million of callable contingent coupon notes due April 26, 2023 linked to the lesser 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 7% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date beginning October 2017.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index and the Russell 2000 index
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Amount: | $1 million
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Maturity: | April 26, 2023
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Contingent coupon: | 7% per year, payable quarterly if each underlying index closes at or above 70% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its 70% barrier, in which case 1% loss for each 1% decline of worse performing index
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Call option: | At par on any coupon payment date beginning in October 2017
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Initial levels: | 2,348.69 for S&P and 1,379.85 for Russell
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Barrier levels: | 1,644.08 for S&P and 965.90 for Russell; 70% of initial levels
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Pricing date: | April 21
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Settlement date: | April 28
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Agent: | Barclays
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Fees: | 3%
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Cusip: | 06741VSG8
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