Published on 8/29/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.68 million bear Accelerated Return Notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Aug. 29 – Barclays Bank plc priced $6.68 million of 0% bear Accelerated Return Notes due Oct. 27, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is negative, the payout at maturity will be par of $10 plus 3% for every 1% that the index declines, subject to a maximum return of 13.5%. If the index return is positive, investors will lose 1% for every 1% that the index increases.
BofA Merrill Lynch is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Bear Accelerated Return Notes
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Underlying index: | S&P 500
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Amount: | $6,684,340
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Maturity: | Oct. 27, 2017
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index return is negative, par plus 3% for every 1% that index declines, subject to 13.5% maximum return; if index return is positive, 1% loss for every 1% that index increases
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Initial level: | 2,172.47
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Final index level: | Average of index’s closing levels on five trading days ending Oct. 24, 2017
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Pricing date: | Aug. 25
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Settlement date: | Sept. 1
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Underwriters: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 06745B847
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