Published on 3/28/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.6 million annual autocallable notes on S&P 500, Russell
By Jennifer Chiou
New York, March 28 - Barclays Bank plc priced $3.6 million of 0% annual autocallable notes due March 31, 2016 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 be automatically called at par plus 10.36% per year if both indexes close at or above their initial levels on March 31, 2014, March 25, 2015 or March 28, 2016.
If the notes are not called and the final level of the lesser-performing index is at least 75% of its initial level, the payout at maturity will be par. Otherwise, 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: | Annual autocallable notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $3.6 million
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Maturity: | March 31, 2016
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Coupon: | 0%
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Price: | Par
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Call: | Par plus annualized call premium of 10.36% if both indexes finish at or above initial level on March 31, 2014, March 25, 2015 or March 28, 2016
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Payout at maturity: | Par if final level of the lesser-performing index is at least 75% of the initial share price; otherwise, full exposure to decline
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Initial levels: | 1,551.69 for S&P 500; 945.85 for Russell 2000
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Barrier levels: | 1,163.77 for S&P 500; 709.39 for Russell 2000, 75% of initial price
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Pricing date: | March 25
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Settlement date: | March 28
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Agent: | Barclays
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Fees: | 1.85%
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Cusip: | 06741TRN9
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