Published on 5/29/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $625,000 callable dual range accrual notes linked to Libor, S&P 500
By Angela McDaniels
Tacoma, Wash., May 29 - Barclays Bank plc priced $625,000 of principal-at-risk callable fixed-rate range accrual notes due May 31, 2028 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 8% per year multiplied by the proportion of days on which Libor is 6% or less and the index closes at or above the index barrier, which is 75% of the initial index level. Interest is payable quarterly.
The payout at maturity will be par if the index finishes at or above the barrier level, which is 55% of the initial level. Otherwise, investors will be fully exposed to the index's decline from its initial level.
Beginning May 31, 2014, the notes will be callable at par on any interest payment date.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Principal-at-risk callable fixed-rate range accrual notes
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Underlyings: | Six-month Libor and S&P 500 index
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Amount: | $625,000
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Maturity: | May 31, 2028
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Coupon: | 8% per year multiplied by proportion of days on which Libor is 6% or less and index closes at or above index barrier; payable quarterly
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Price: | Par
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Payout at maturity: | Par if index finishes at or above barrier level; otherwise, full exposure to index's decline from its initial level
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Initial index level: | 1,660.06
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Index barrier: | 1,245.04, 75% of initial level
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Barrier level: | 913.03, 55% of initial level
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Pricing date: | May 28
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Settlement date: | May 31
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Agent: | Barclays
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Fees: | 3%
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Cusip: | 06741TVE4
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