By Wendy Van Sickle
Columbus, Ohio, Oct. 17 – Barclays Bank plc priced $5 million of callable contingent coupon notes due Oct. 14, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.9% if the index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be callable quarterly at par after a year.
The payout at maturity will be par plus the coupon unless the index finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the index from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying index: | S&P 500 index
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| Amount: | $5 million
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| Maturity: | Oct. 14, 2020
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| Coupon: | 5.9%, payable quarterly if the index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | At par quarterly after a year
|
| Payout at maturity: | Par plus any coupon if index closes above 70% of initial level; otherwise 1% for each 1% decline from initial level
|
| Initial levels: | 2,970.27
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| Coupon barrier: | 2,079.19, 70% of initial level
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| Downside threshold: | 2,079.19, 70% of initial level
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| Pricing date: | Oct. 14
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| Settlement date: | Oct. 17
|
| Agents: | Barclays and UBS Financial Services Inc.
|
| Fees: | 1.4%
|
| Cusip: | 06747D718
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