By Susanna Moon
Chicago, Jan. 29 - Barclays Bank plc priced $8 million of trigger phoenix callable optimization securities due Jan. 31, 2024 linked to the Euro Stoxx 50 index and the Russell 2000 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 8.8% if each index closes at or above the 70% coupon barrier level on an observation date for that quarter.
The notes are callable at par of $10 plus the contingent coupon on any quarterly observation date after one year.
The payout at maturity will be par plus the contingent coupon unless either index finishes below the 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
UBS Financial Services Inc. and Barclays are the underwriters.
Issuer: | Barclays Bank plc
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Issue: | Trigger phoenix callable optimization securities
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Underlying indexes: | Euro Stoxx 50, Russell 2000
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Amount: | $8 million
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Maturity: | Jan. 31, 2024
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Coupon: | 8.8% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | Par plus contingent coupon unless either index finishes below trigger level, in which case full exposure to any losses of the worse performing index
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Call option: | At par plus contingent coupon on any quarterly observation date after one year
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Initial index levels: | 3,028.20 for Euro Stoxx and 1,144.13 for Russell
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Coupon barrier levels: | 2,119.74 for Euro Stoxx and 800.89 for Russell; 70% of initial level
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Trigger levels: | 1,514.1 for Euro Stoxx and 572.07 for Russell; 50% of initial level
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Pricing date: | Jan. 24
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Settlement date: | Jan. 31
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 3.5%
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Cusip: | 06742B725
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