New Issue: Barclays prices $690,000 callable contingent payment notes linked to Russell 2000

By Marisa Wong

Madison, Wis., May 30 - Barclays Bank plc priced $690,000 of callable contingent payment notes due May 31, 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 7.1% if the index closes above the coupon barrier level, 70% of the initial level, on a quarterly valuation date. Otherwise, no coupon will be paid that quarter.

The payout at maturity will be par unless the index finishes below the 55% barrier level, in which case investors will be fully exposed to losses.

Beginning June 4, 2014, the notes will be callable at par plus the contingent coupon, if any, on any interest payment date.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable contingent payment notes
Underlying index:	Russell 2000
Amount:	$690,000
Maturity:	May 31, 2023
Coupon:	7.1% per year, payable quarterly if index closes above coupon barrier level on valuation date for that quarter
Price:	Par
Payout at maturity:	If final level is greater than or equal to barrier level, par; otherwise, full exposure to losses
Call option:	At par on any interest payment date beginning June 4, 2014
Initial index level:	997.35
Coupon barrier level:	698.15, 70% of initial level
Barrier level:	548.54, 55% of initial level
Pricing date:	May 28
Settlement date:	May 31
Underwriter:	Barclays
Fees:	3%
Cusip:	06741TTW7

© 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.