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Barclays Bank plans to price 0.25%-0.5% CDs linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., Sept. 5 - Barclays Bank Delaware plans to price 0.25% to 0.5% certificates of deposit due Sept. 27, 2018 linked to the S&P 500 index, according to a term sheet.
Interest is payable annually. The exact rate will be set at pricing.
The payout at maturity will be par plus the sum of the index's returns in each of the 20 quarters making up the life of the CDs, subject to a minimum payout of par.
The return will be measured from the end of the immediately preceding quarter to the end of the current quarter. The return in each quarter can be positive or negative and will be subject to a cap of 3.5% to 4.5% that will be set at pricing and a floor of negative 15%.
Barclays is the agent. Incapital LLC is distributor. The fees are expected to be 3%.
The CDs are expected to price Sept. 24 and settle Sept. 30.
The Cusip number is 06740AB99.
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