By Toni Weeks
San Luis Obispo, Calif., March 3 - Barclays Bank plc priced $5 million of 0.25% synthetic convertible notes due March 4, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be the greater of par and the alternative redemption amount. The alternative redemption amount per note will be $1,000 times the final index level divided by the threshold value, which will be 109.1% of the initial index level.
The notes are callable in whole beginning March 6, 2017. The redemption price will be determined in the same manner as the payout at maturity.
The notes are also putable beginning Feb. 27, 2017. Put notes will be repurchased at a price equal to the alternative redemption amount.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Synthetic convertible notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $5 million
|
| Maturity: | March 4, 2024
|
| Coupon: | 0.25%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Greater of par and alternative redemption amount, which will be par times the final index level divided by threshold level
|
| Initial level: | 1,854.29
|
| Threshold level: | 2,023.03, 109.1% of initial index level
|
| Call option: | Beginning March 6, 2017
|
| Put option: | At alternative redemption amount beginning Feb. 27, 2017
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 4
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741T6U6
|
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