By Susanna Moon
Chicago, Dec. 2 – Barclays Bank plc priced $5 million of callable range accrual notes due May 31, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 6.25% for each day that the index closes at or above the coupon barrier level, which is 80% of the initial level. Interest is payable monthly.
The payout at maturity will be par unless the index falls by than 20%, in which case investors will be fully exposed to any losses beyond the buffer.
The notes will be callable at par on any interest payment date after one year.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable range accrual notes
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| Underlying index: | S&P 500
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| Amount: | $5 million
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| Maturity: | May 31, 2024
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| Coupon: | 6.25% annualized for each day index is at or above 80% coupon barrier; payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 20%, in which case exposure to losses beyond 20%
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| Call option: | At par on any interest payment date beginning in November 2017
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| Initial level: | 2,201.72
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| Pricing date: | Nov. 28
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| Settlement date: | Nov. 30
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| Underwriter: | Barclays
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| Fees: | 4%
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| Cusip: | 06741VEA6 / US06741VEA61
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