Published on 4/10/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.64 million callable contingent payment notes linked to Euro Stoxx 50
By Susanna Moon
Chicago, April 10 - Barclays Bank plc priced $1.64 million callable contingent payment notes due April 11, 2024 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 7.4% for each quarter that the index closes above the 75% coupon barrier level on a quarterly valuation date.
The notes are callable at par plus the contingent coupon on any interest payment date after one year.
The payout at maturity will be par unless the index finishes below the 65% trigger level, in which case investors will be fully exposed to any losses.
The exact deal terms will be set at pricing.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent payment notes
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Underlying index: | Euro Stoxx 50
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Amount: | $1,644,000
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Maturity: | April 11, 2024
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Coupon: | 7.4%, payable quarterly if index closes at or above its coupon barrier level on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless index falls below trigger level, in which case full exposure to losses
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Call option: | At par plus contingent payment on any interest payment date beginning April 8, 2015
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Initial index level: | 3,177.66
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Coupon barrier: | 2,383.25, or 75% of initial level
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Trigger level: | 2,065.48, 65% of initial level
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Pricing date: | April 8
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Settlement date: | April 11
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Agent: | Barclays
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Fees: | 2.7%
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Cusip: | 06741UCC6
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