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Barclays plans to price certificates of deposit linked to Russell 2000
By Angela McDaniels
Tacoma, Wash., Aug. 3 - Barclays Bank Delaware plans to price certificates of deposit due Aug. 29, 2013 linked to the Russell 2000 index, according to a term sheet.
A knock-out event will occur if the index exceeds the knock-out barrier in any of the three annual observation periods. The knock-out barrier will be 110% to 120% of the initial level for the first year, 112% to 122% of the initial level for the second year and 121% to 131% for the third year. The exact barriers will be set at pricing.
If a knock-out event has not occurred, investors will receive a coupon equal to the index return, with a floor of par. If a knock-out event has occurred, no coupon will be paid for that period.
Interest will be payable annually.
The payout at maturity will be par.
The CDs (Cusip: 06740ALH0) will price Aug. 24 and settle Aug. 31.
Barclays Capital Inc. is the agent. Advisors Asset Management, Inc. is the distributor.
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