New Issue: Barclays prices $865,000 of step-up callable contingent payment notes on indexes

By Susanna Moon

Chicago, Aug. 1 – Barclays Bank plc priced $865,000 of step-up callable contingent payment notes due July 31, 2024 linked to the lesser performing 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 annualized rate if each index closes above the 60% barrier on the valuation date for that quarter. The coupon will be 6% initially, stepping up to 7% on July 2021.

The notes are callable at par plus the contingent coupon on any interest payment date after one year.

The payout at maturity will be par unless either index finishes below the 60% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Step-up callable contingent payment notes
Underlying indexes:	S&P 500, Russell 2000
Amount:	$865,000
Maturity:	July 31, 2024
Coupon:	6% initially, stepping up to 7% on July 2021, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless either index finishes below barrier, in which case 1% loss per 1% decline of worse performing index
Call option:	At par plus any coupon on any interest payment date beginning June 27, 2018
Initial levels:	2,477.83 for S&P and 1,442.28 for Russell
Barrier levels:	1,486.70 for S&P and 865.37 for Russell; 60% of initial levels
Pricing date:	July 26
Settlement date:	July 31
Agent:	Barclays
Fees:	4%
Cusip:	06744CAF8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.