By Wendy Van Sickle
Columbus, Ohio, July 18 – Barclays Bank plc priced $605,000 of callable contingent coupon notes due July 15, 2027 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 monthly coupon at an annualized rate of 8.1% if the index 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 monthly observation date after six months.
If the notes are not redeemed, the payout will be par plus any 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 60% 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
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| Amount: | $605,000
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| Maturity: | July 15, 2027
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| Contingent coupon: | 8.1% per year, payable monthly if the index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus 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 monthly observation date after six months
|
| Initial level: | 4,472.16
|
| Coupon barrier level: | 3,130.51; 70% of initial level
|
| Final barrier level: | 2,683.3; 60% of initial level
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| Pricing date: | July 12
|
| Settlement date: | July 17
|
| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06745MS41
|
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