By Wendy Van Sickle
Columbus, Ohio, Oct. 22 – Barclays Bank plc priced $3.06 million of callable contingent coupon notes due Oct. 20, 2022 linked to the shares of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12% if the stock closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after six months.
If the notes are not redeemed, the payout at maturity will be par plus any final coupon unless the stock finishes below 70% of its initial level, in which case investors will be fully exposed to the decline.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
|
Issue: | Callable contingent coupon notes
|
Underlying shares: | Wells Fargo & Co.
|
Amount: | $3,055,000
|
Maturity: | Oct. 20, 2022
|
Contingent coupon: | 12% per year, payable each quarter that stock closes at or above coupon barrier on the observation date for that quarter
|
Price: | Par
|
Payout at maturity: | Par plus any coupon unless stock finishes below final barrier, in which case full exposure to decline
|
Call option: | In whole at par plus any coupon due on any quarterly call date after six months
|
Initial level: | $22.86
|
Coupon barrier: | $16.00; 70% of initial level
|
Final barrier: | $16.00; 70% of initial level
|
Pricing date: | Oct. 16
|
Settlement date: | Oct. 21
|
Agent: | Barclays
|
Fees: | 1.75%
|
Cusip: | 06741WLK4
|
|
© 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.