Published on 3/21/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.82 million callable contingent payment notes on S&P, Russell
By Marisa Wong
Madison, Wis., March 21 - Barclays Bank plc priced $8.82 million of callable contingent payment notes due June 24, 2015 linked to the lesser performing of the S&P 500 index and 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 5.1% for each quarter that both components close above the 65% coupon barrier level on a quarterly valuation date.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless either component finishes below the 65% barrier level, in which case investors will be fully exposed to any losses of the worse performing component.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent payment notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $8,823,000
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Maturity: | June 24, 2015
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Coupon: | 5.1% per year, payable quarterly if both components close above coupon barrier level on a quarterly valuation date
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Price: | Par
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Payout at maturity: | Par unless either component finishes below barrier level, in which case full exposure to any losses of worse performing component
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Call option: | At par on any quarterly contingent payment date
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Initial index levels: | 1,860.77 for S&P 500, 1,195.66 for Russell 2000
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Barrier levels: | 1,209.50 for S&P 500, 777.18 for Russell 2000; 65% of initial levels
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Pricing date: | March 19
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Settlement date: | March 24
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Agent: | Barclays
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Fees: | 1.25%
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Cusip: | 06741UAP9
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