Published on 10/3/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $238,000 of callable contingent coupon notes on indexes
By Devika Patel
Knoxville, Tenn., Oct. 3 – Barclays Bank plc priced $238,000 of callable contingent coupon notes due Sept. 30, 2021 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 7.25% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worst-performing index from its initial level.
The notes are callable in whole but not in part at par on any interest payment date after Sept. 27, 2017.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000, S&P 500
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Amount: | $238,000
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Maturity: | Sept. 30, 2021
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Coupon: | 7.25% annualized, per quarter that each index closes at or above barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below barrier level, in which case 1% loss for each 1% decline of worst-performing index
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Call option: | At par on any interest payment date after Sept. 27, 2017
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Initial levels: | 1,246.38 for Russell, 2,159.93 for S&P
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Barrier levels: | 747.83 for Russell, 1,295.96 for S&P; 60% of initial levels
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Pricing date: | Sept. 27
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Settlement date: | Sept. 30
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Agent: | Barclays
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Fees: | 0.5%
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Cusip: | 06741VAW2
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