By Susanna Moon
Chicago, Aug. 1 – Barclays Bank plc priced $65,000 of callable range accrual notes due Jan. 31, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 5% for each day that the index closes at or above its coupon barrier, which is 80% of the initial level. Interest is payable monthly.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will be exposed to any losses beyond the buffer.
The notes will be callable at par on any interest payment date after one year.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable range accrual notes
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| Underlying index: | S&P 500
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| Amount: | $65,000
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| Maturity: | Jan. 31, 2024
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| Coupon: | 5% annualized for each day that index closes above 80% coupon barrier; payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 20%, in which case exposure to losses beyond buffer
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| Call option: | At par on any interest payment date beginning in July 2018
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| Initial level: | 2,477.83
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| Coupon barrier: | 1,982.26, 80% of initial level
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Underwriter: | Barclays
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| Fees: | 4.25%
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| Cusip: | 06744CAG6
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