Published on 6/7/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $725,000 autocallable contingent quarterly payment notes on indexes
By Marisa Wong
Madison, Wis., June 7 - Barclays Bank plc priced $725,000 of callable contingent quarterly payment notes due June 8, 2018 linked to the lesser return of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Noteholders will receive quarterly interest payments at the rate of 6% per year if the lesser performing index closes at or above its coupon barrier level, 65% of the initial level, on the valuation date for that quarter.
If the lesser performing index closes at or above its initial level on any quarterly valuation date beginning June 5, 2014, the notes will be automatically called at par plus the contingent quarterly payment.
If the final level of the lesser performing index is greater than or equal to its barrier level, 50% of the initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lesser performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent quarterly payment notes
|
| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $725,000
|
| Maturity: | June 8, 2018
|
| Coupon: | 6% per year, payable quarterly if lesser performing index closes at or above coupon barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of lesser performing index is greater than or equal to barrier level, par; otherwise, full exposure to decline of lesser performing index
|
| Call: | Automatically at par plus contingent quarterly payment if lesser performing index closes at or above initial level on any quarterly valuation date beginning June 5, 2014
|
| Initial levels: | 1,630.74 for S&P 500, 984.14 for Russell 2000
|
| Coupon barrier levels: | 1,059.98 for S&P 500, 639.69 for Russell 2000; 65% of initial levels
|
| Barrier levels: | 815.37 for S&P 500, 492.07 for Russell 2000; 50% of initial levels
|
| Pricing date: | June 5
|
| Settlement date: | June 10
|
| Agent: | Barclays
|
| Fees: | 1.375%
|
| Cusip: | 06741TWX1
|
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