By Toni Weeks
San Diego, Jan. 24 - Barclays Bank plc priced $1 million of step-up callable fixed-rate dual range accrual notes due Feb. 15, 2028 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be the inside range rate multiplied by the proportion of days on which six-month Libor is 6% or below and the index's closing level is greater than or equal to the index barrier - 75% of the initial index level. Interest will be payable quarterly.
The inside range rate is 5% initially, stepping up to 6% on Feb. 15, 2018 and to 8% on Feb. 15, 2023.
The payout at maturity will be par.
Beginning Feb. 15, 2014, the notes will be callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up callable fixed-rate dual range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $1 million
|
| Maturity: | Feb. 15, 2028
|
| Coupon: | Inside range rate multiplied by proportion of days on which six-month Libor is 6% or below and index level is greater than or equal to index barrier level; inside range rate is 5% initially, stepping up to 6% on Feb. 15, 2018 and to 8% on Feb. 15, 2023 ; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par plus accrued interest on any interest payment date beginning Feb. 15, 2014
|
| Initial level: | 1,494.81
|
| Barrier level: | 1,121.08
|
| Pricing date: | Jan. 23
|
| Settlement date: | Feb. 15
|
| Agent: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06741TNC7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
