By Marisa Wong
Madison, Wis., July 30 - Barclays Bank plc priced $512,000 of callable range accrual notes due July 31, 2018 linked to the performance of the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be fixed at 7% for the first year. After that, interest will accrue at 7% per year multiplied by the proportion of days on which the index closes at or above the barrier level, which is 70% of the initial level. Interest is payable monthly.
If the final index level is greater than or equal to the 70% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to losses.
After one year, the notes will be callable at par on any interest payment date.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $512,000
|
| Maturity: | July 31, 2018
|
| Coupon: | 7% for first year; after that, 7% per year multiplied by proportion of days on which the index is at or above 70% of initial level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is at least 70% of initial level; otherwise, full exposure to losses
|
| Call option: | At par on any interest payment date beginning Aug. 4, 2014
|
| Initial index level: | 1,048.51
|
| Barrier level: | 733.96, 70% of initial level
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Underwriter: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06741TXX0
|
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