By William Gullotti
Buffalo, N.Y., July 26 – Barclays Bank plc priced $1.5 million of callable contingent coupon notes due May 31, 2024 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 5% if the index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly observation date after six months.
If the notes are not redeemed, the payout will be par plus final coupon if the index finishes at or above the coupon barrier.
If the index falls below the coupon barrier but finishes at or above the 50% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index’s decline from initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $1,500,000
|
| Maturity: | May 31, 2024
|
| Contingent coupon: | 5% per year, payable quarterly if the index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if the index finishes at or above coupon barrier; if the index finishes below its coupon barrier level but at or above the final barrier, par; otherwise, investors will lose 1% for each 1% decline from initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly observation date after six months
|
| Initial levels: | 4,204.11
|
| Coupon barrier levels: | 3,153.08; 75% of initial levels
|
| Final barrier levels: | 2,102.06; 50% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | June 3
|
| Agent: | Barclays
|
| Fees: | 0.25%
|
| Cusip: | 06748ERQ8
|
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