Published on 8/18/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $17.84 million callable contingent payment notes tied to indexes, fund
By Toni Weeks
San Luis Obispo, Calif., Aug. 18 – Barclays Bank plc priced $17.84 million of callable contingent payment notes due Aug. 17, 2018 linked to the least performing of the S&P 500 index, Russell 2000 index and iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 8% if each underlying component closes at or above its coupon barrier level, 60% of the initial level, on a quarterly valuation date. Otherwise, no coupon will be paid that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless the least-performing component finishes below the 60% barrier level, in which case investors will be fully exposed to the decline of the least-performing component.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent payment notes
|
| Underlying components: | S&P 500, Russell 2000 and iShares MSCI EAFE ETF
|
| Amount: | $17,835,000
|
| Maturity: | Aug. 17, 2018
|
| Coupon: | 8% per year, payable quarterly if each component closes at or above coupon barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of least-performing component is greater than or equal to barrier level, par; otherwise, full exposure to decline of least-performing component
|
| Call option: | At par on any quarterly contingent payment date
|
| Initial levels: | 1,955.18 for S&P, 1,143.34 for Russell, $66.19 for ETF
|
| Coupon barrier levels: | 1,173.11 for S&P, 686.00 for Russell, $39.71 for ETF, 60% of initial levels
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 19
|
| Underwriter: | Barclays
|
| Fees: | 1.61%
|
| Cusip: | 06741UHJ6
|
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