Published on 8/6/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million callable contingent coupon notes linked to Nikkei, Russell
By Angela McDaniels
Tacoma, Wash., Aug. 6 – Barclays Bank plc priced $5 million of callable contingent coupon notes due Aug. 8, 2016 linked to the Nikkei Stock Average index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annualized rate of 7.15% if each index closes at or above its barrier level, 75% of its initial level, on the observation date for that quarter.
Beginning in February 2016, the notes will be callable at par on any quarterly observation date.
If each index finishes at or above its barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Nikkei Stock Average and Russell 2000
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Amount: | $5 million
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Maturity: | Aug. 8, 2016
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Contingent coupon: | 7.15% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | If return of each index is greater than or equal to negative 25%, par; otherwise, full exposure to losses of lesser-performing index
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Call option: | At par on any quarterly observation date beginning six months after settlement
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Initial index levels: | 20,548.11 for Nikkei and 1,231.79 for Russell 2000
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Barrier levels: | 15,411.08 for Nikkei and 923.84 for Russell 2000; 75% of initial levels
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Pricing date: | Aug. 3
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Settlement date: | Aug. 6
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06741UD68
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