Published on 1/4/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.05 million callable contingent quarterly payment notes tied to fund, indexes
By Angela McDaniels
Tacoma, Wash., Jan. 4 - Barclays Bank plc priced $4.05 million of callable contingent quarterly payment notes due Jan. 7, 2016 linked to the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE index fund, according to a 424B2 filing with the Securities and Exchange Commission.
Noteholders will receive quarterly interest payments at the rate of 7% per year if the least-performing component closes at or above its barrier level, 60% of its initial level, on the valuation date for that quarter.
If the final level of the least-performing component is greater than or equal to its barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing component from its initial level.
The notes are callable at par on Jan. 9, 2014 and Jan. 9, 2015.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent quarterly payment notes
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| Underlying components: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE index fund
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| Amount: | $4.05 million
|
| Maturity: | Jan. 7, 2016
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| Coupon: | 7% per year, payable quarterly if least-performing component closes at or above barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of least-performing component is greater than or equal to barrier level, par; otherwise, full exposure to decline of least-performing component
|
| Call option: | At par on Jan. 9, 2014 and Jan. 9, 2015
|
| Initial levels: | 1,462.42 for S&P 500, 873.42 for Russell 2000 and $57.77 for iShares MSCI EAFE
|
| Barrier levels: | 877.45 for S&P 500, 524.05 for Russell and $34.66 for iShares MSCI EAFE; 60% of initial levels
|
| Pricing date: | Jan. 2
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| Settlement date: | Jan. 7
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| Underwriter: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06741TMB0 |
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