Published on 10/4/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $705,000 callable range accrual notes on S&P, Russell
By Susanna Moon
Chicago, Oct. 4 – Barclays Bank plc priced $705,000 of callable range accrual notes due March 31, 2025 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at an annual rate of 5.1% for each day that the indexes close at or above the 80% coupon barrier, payable monthly.
The notes will be callable at par on any interest payment date after one year.
The payout at maturity will be par unless either index falls by more than 20%, in which case investors will lose 1% for each 1% decline of the worse performing index beyond 20%.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable range accrual notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $705,000
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Maturity: | March 31, 2025
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Coupon: | 5.1% annualized for each day that indexes close at or above coupon barrier; payable monthly
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Price: | Par
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Call option: | At par on any interest payment date after one year
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Payout at maturity: | Par unless either index falls by more than 20%, in which case 1% loss per 1% decline of worse performing index beyond 20%
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Initial index level: | 2,496.84 for S&P, 1,456.86 for Russell
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Coupon barrier: | 1,997.47 for S&P, 1,165.49 for Russell; 80% of initial level
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Pricing date: | Sept. 26
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Settlement date: | Sept. 29
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Underwriter: | Barclays
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Fees: | 4%
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Cusip: | 06744C3N9
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