By Angela McDaniels
Tacoma, Wash., May 29 - Barclays Bank plc priced $3.6 million callable contingent payment notes due May 30, 2019 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 8% if the ETF's closing share price is greater than the coupon barrier level, 70% of the initial share price, on the valuation date for that quarter.
The payout at maturity will be par unless the ETF's final share price is less than the barrier price, 65% of the initial share price, in which case investors will be fully exposed to the ETF's decline from its initial share price.
Beginning a year after issuance, the notes will be callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent payment notes
|
| Underlying ETF: | Market Vectors Gold Miners ETF
|
| Amount: | $3,603,000
|
| Maturity: | May 30, 2019
|
| Coupon: | 8% per year, payable quarterly if fund closes above coupon barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below barrier level, in which case full exposure to losses
|
| Call option: | At par quarterly beginning one year after issuance
|
| Initial share price: | $22.41
|
| Coupon barrier price: | $15.69, 70% of initial share price
|
| Barrier price: | 414.57, 65% of initial share price
|
| Pricing date: | May 27
|
| Settlement date: | May 30
|
| Agent: | Barclays
|
| Fees: | 3.25%
|
| Cusip: | 06741UDK7
|
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