By Susanna Moon
Chicago, June 7 – Barclays Bank plc priced $13 million of callable range accrual notes due Nov. 29, 2024 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 6.4% for each day that the index closes at or above their coupon barrier levels, which is 70% of the initial level. Interest is payable quarterly.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will be 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: | Russell 2000
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| Amount: | $13 million
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| Maturity: | Nov. 29, 2024
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| Coupon: | 6.4% annualized for each day that index closes above 70% coupon barrier; payable quarterly
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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 buffer
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| Call option: | At par on any interest payment date beginning in May 2018
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| Initial level: | 1,383.39
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| Coupon barrier: | 1,106.71, 80% of initial level
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Underwriter: | Barclays
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| Fees: | 4%
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| Cusip: | 06741VUE0
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