A story in the Aug. 21 edition of the Prospect News Structured Products Daily incorrectly reported the payout terms of Barclays Bank plc’s dual directional notes, which have an absolute return element. The correct version is as follows.
By Susanna Moon
Chicago, Aug. 21 – Barclays Bank plc priced $1 million of 0% dual directional notes due Aug. 18, 2022 linked to the lesser performing of the S&P 500 index and the Euro Stoxx Select Dividend 30 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes at or above initial level, the payout at maturity will be par plus 1.5 times the gain of the worse performing index.
If either index falls by up to its 60% barrier, the payout at maturity will be par plus the absolute value of the return of the worse performing index.
Otherwise, investors will lose 1% for each 1% decline of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Dual directional notes
|
| Underlying indexes: | S&P 500 and Euro Stoxx Select Dividend 30
|
| Amount: | $1 million
|
| Maturity: | Aug. 18, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index gains, par plus 1.5 times return of worse performing index; if either index falls by up to 40%, par plus absolute return of worse performing index; otherwise, 1% loss per 1% drop of worse performing index
|
| Initial levels: | 2,821.93 for S&P and 1,995.03for Stoxx Select
|
| Barrier levels: | 1,693.16 for S&P and 1,197.02 for Stoxx Select, 60% of initial levels
|
| Pricing date: | Aug. 13
|
| Settlement date: | Aug. 16
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06746XMA8
|
© 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.
