Published on 2/24/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.2 million callable contingent coupon notes tied to Russell, Stoxx
By Susanna Moon
Chicago, Feb. 24 – Barclays Bank plc priced $2.2 million of callable contingent coupon notes due Feb. 22, 2019 linked to the less performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon of 5.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will be callable at par on any contingent coupon date.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000 and Euro Stoxx 50
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Amount: | $2,202,000
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Maturity: | Feb. 22, 2019
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Contingent coupon: | 5.5%, payable semiannually if each index closes at or above barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of worse performing index
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Call option: | At par on any interest payment date
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Initial levels: | 1,010.01 for Russell, 2,871.05 for Stoxx
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Barrier levels: | 707.01 for Russell, 2,009.74 for Stoxx; 70% of initial levels
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Pricing date: | Feb. 19
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Settlement date: | Feb. 26
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06741U4N1
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