Published on 2/28/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.24 million callable contingent payment notes on Russell 2000
By Jennifer Chiou
New York, Feb. 28 - Barclays Bank plc priced $2,242,000 of callable contingent payment notes due Feb. 28, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 7.75% if the index closes at or above the barrier level, 70% of the initial level, on a monthly valuation date. Otherwise, no coupon will be paid that month.
The notes are callable at par plus the contingent coupon on any interest payment date beginning on Feb. 25, 2015.
The payout at maturity will be par unless the index finishes below the 70% barrier level, in which case investors will be fully exposed to losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent payment notes
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Underlying index: | Russell 2000
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Amount: | $2,242,000
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Maturity: | Feb. 28, 2023
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Coupon: | 7.75% | per year, payable monthly if index closes at or above the barrier level on a monthly valuation date; otherwise, no contingent interest payment for that month
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Price: | Par
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Payout at maturity: | Par unless index finishes below the 70% barrier level, in which case investors will be fully exposed to losses
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Call option: | At par plus contingent coupon on any interest payment date beginning on Feb. 25, 2015
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Initial level: | 895.84
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Barrier level: | 627.09, 70% of initial price
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Pricing date: | Feb. 25
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Settlement date: | Feb. 28
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Agent: | Barclays
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Fees: | 4%
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Cusip: | 06741TNX1
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