By William Gullotti
Buffalo, N.Y., July 26 – Barclays Bank plc priced $2.76 million of callable contingent coupon notes June 2, 2023 linked to the performing of the stock of Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 9.75% if the stock closes at or above its coupon barrier level, 70% 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 call valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless the stock finishes below 70% of its initial level, in which case investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stock: | Citigroup Inc.
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Amount: | $2,764,000
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Maturity: | June 2, 2023
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Contingent coupon: | 9.75% per year, payable quarterly if the stock closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par plus coupon unless the stock finishes below its final barrier level, in which case investors will receive 12.70487 shares per note or the cash equivalent at the issuer’s option
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Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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Initial levels: | $78.71
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Coupon barrier levels: | $55.10; 70% of initial levels
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Final barrier levels: | $55.10; 70% of initial levels
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Pricing date: | May 28
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Settlement date: | June 3
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06741WVD9
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