Published on 6/10/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $176,000 callable contingent coupon notes linked to S&P 500, Russell
By Angela McDaniels
Tacoma, Wash., June 10 – Barclays Bank plc priced $176,000 of callable contingent coupon notes due Nov. 30, 2017 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 7% if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.
Beginning in November, 2016, the notes are callable at par on any interest payment date.
The payout at maturity will be par unless the final level of the lesser-performing index is less than its initial level and either index closes below its barrier level on any day during the life of the notes, in which case investors will be exposed to the decline of the lesser-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: | S&P 500 and Russell 2000
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Amount: | $176,000
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Maturity: | Nov. 30, 2017
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Contingent coupon: | 7% 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
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Payout at maturity: | Par unless final level of lesser-performing index is less than initial level and either index closes below barrier level on any day during life of notes, in which case exposure to decline of lesser-performing index from initial level
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Call option: | At par on any interest payment date from November 2016 onward
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Initial index levels: | 1,141.02 for Russell 2000 and 2,090.54 for S&P 500
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Barrier levels: | 798.71 for Russell 200 and 1,463.38for S&P 500; 70% of initial levels
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Pricing date: | May 25
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Settlement date: | May 31
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Agent: | Barclays
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Fees: | 1.875%
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Cusip: | 06741V3E0
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