Published on 6/20/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million callable contingent coupon notes on indexes
By Tali Rackner
Norfolk, Va., June 20 – Barclays Bank plc priced $2 million of callable contingent coupon notes due June 18, 2026 linked to the least performing of the Russell 2000 index, the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 12.4% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par unless the final level of the least performing index is less than its 60% barrier level, in which case investors will be exposed to the decline of the least performing index from its initial level.
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, Euro Stoxx 50 and S&P 500
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Amount: | $2 million
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Maturity: | June 18, 2026
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Contingent coupon: | 12.4% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par unless final level of least performing index is less than barrier level, in which case exposure to decline of least performing index from initial level
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Call option: | At par on any coupon payment date
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Initial index levels: | 1,147.82 for Russell 2000, 2,797.18 for Euro Stoxx 50 and 2,075.32 for S&P 500
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Barrier levels: | 688.69 for Russell 2000, 1,678.31 for Euro Stoxx 50 and 1,245.19 for S&P 500; 60% of initial levels
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Pricing date: | June 15
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Settlement date: | June 20
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Agent: | Barclays
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Fees: | 1.24%
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Cusip: | 06741V5H1
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