New Issue: Barclays prices $250,000 7%-10% step-up contingent payment callables on two indexes

By Susanna Moon

Chicago, Dec. 13 – Barclays Bank plc priced $250,000 of step up callable contingent payment notes due Nov. 24, 2028 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.

The notes will pay a contingent quarterly coupon at an annual rate if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter. The contingent coupon will be 7% for the first five years, stepping up to 8% beginning November 2023 and to 10% on November 2028.

The notes are callable at par on any interest payment date.

The payout at maturity will be par unless either underlying asset closes below its 60% trigger level, in which case investors will be 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:	$250,000
Maturity:	Nov. 24, 2028
Coupon:	7% annualized for first five years, stepping up to 8% beginning November 2023 and to 10% on November 2028, payable quarterly if each fund closes at or above its 60% coupon barrier on observation date for that quarter
Price:	Par
Call option:	At par on any interest payment date
Payout at maturity:	If each index finishes at or above 60% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
Initial levels:	2,690.73 for S&P, 1,496.54 for Russell
Trigger levels:	1,614.44 for S&P, 897.92 for Russell; 60% of initial levels
Pricing date:	Nov. 19
Settlement date:	Nov. 21
Agent:	Barclays
Fees:	4.5%
Cusip:	06746XWL3

© 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.