By Susanna Moon
Chicago, Dec. 10 – Barclays Bank plc priced $203,000 of 0% notes due Dec. 7, 2018 linked to the EquityCompass Share Buyback index, according to a 424B2 filing with the Securities and Exchange Commission.
The index seeks to capture returns that may be available from investing in a basket of stocks that are selected using the EquityCompass Share BuyBack Strategy, a trading restriction filter and concentration procedures. The strategy selects a portfolio of stocks of up to 30 companies with the most significant share buyback announcements in the prior three months. It is based on the premise that stocks of companies that announce share buybacks may be more likely to perform well because share buybacks are a signal to the market that the management of a company believes the company's shares are undervalued.
The notes are putable subject to a minimum of $10,000 principal amount of notes. If the closing indicative note value falls to or below $250, the notes will be automatically called.
For each $1,000 principal amount of notes, the payout at maturity or upon redemption will be 97.5% of the sum of (a) $1,000 plus (b) $1,000 multiplied by the closing indicative note return.
The indicative note return on any day is the percentage change of the closing indicative note value from the initial closing indicative note value to the current closing indicative note value on that day.
The initial closing indicative note value is $1,000. On any business day, it will be (a) the closing indicative note value on the last note rebalancing date multiplied by (b) one plus the net index periodic return as of that business day. The note rebalancing dates are the sixth calendar day of each month.
The net index periodic return equals the index periodic return as of that business day minus the investor fee, which is 0.9% per year.
The index periodic return equals the performance of the index from its closing level on the last note rebalancing date to its closing level on that business day.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Notes
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| Underlying index: | EquityCompass Share Buyback index
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| Amount: | $203,000
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| Maturity: | Dec. 7, 2018
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | 97.5% of sum of (a) $1,000 plus (b) $1,000 multiplied by closing indicative note return, which is percentage change of closing indicative note value from initial closing indicative note value to current closing indicative note value
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| Closing indicative value: | Initially $1,000; then (a) closing indicative note value on last note rebalancing date multiplied by (b) one plus net index periodic return as of that business day, which takes into account investor fee of 0.9% per year; note rebalancing dates are sixth calendar day of each month
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| Call: | Automatically if closing indicative note value falls to or below $250
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| Put option: | At any time subject to minimum of $10,000 principal amount of notes
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| Initial level: | 162.9223
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06741UT79
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