Barclays plans contingent income callable securities on two indexes

By Devika Patel

Knoxville, Tenn., July 13 – Barclays Bank plc plans to price contingent income callable securities due July 19, 2022 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to an 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 6.35% if each index closes at or above its downside threshold level, 65% of its initial index level, on the determination date for that quarter.

The notes will be callable in whole but not in part at par plus the coupon payment, if any, on any quarterly payment date other than the final one beginning Jan. 19, 2018.

If each index finishes at or above its downside threshold level, 65% of its initial index level, the payout at maturity will be par plus the coupon. If the final level of either index is less than its downside threshold level, investors will lose 1% for each 1% decline of the least-performing index from its initial level.

Barclays is the agent, with Morgan Stanley Wealth Management as a dealer.

The notes (Cusip: 06744CAW1) will price on July 14 and settle on July 19.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.