Published on 9/3/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $798,000 callable contingent payment notes tied to three indexes
By Marisa Wong
Madison, Wis., Sept. 3 – Barclays Bank plc priced $798,000 of callable contingent payment notes due Sept. 3, 2019 linked to the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 7.25% if each underlying index 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 index finishes below the 60% barrier level, in which case investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent payment notes
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| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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| Amount: | $798,000
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| Maturity: | Sept. 3, 2019
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| Coupon: | 7.25% per year, payable quarterly if each index closes at or above coupon barrier level on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If final level of least-performing index is greater than or equal to barrier level, par; otherwise, full exposure to decline of least-performing index
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| Call option: | At par on any quarterly contingent payment date
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| Initial levels: | 1,996.74 for S&P, 1,165.95 for Russell, 3,164.44 for Euro Stoxx
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| Coupon barrier levels: | 1,198.04 for S&P, 699.57 for Russell, 1,898.66 for Euro Stoxx, 60% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 3
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| Underwriter: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06741UJA3
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