By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Barclays Bank plc priced $5 million of callable range accrual notes due Nov. 30, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.05% per year multiplied by the proportion of days on which the index closes at or above its coupon barrier level, 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 lose 1% for every 1% that the index declines beyond 20%.
The notes will be callable at par on any interest payment date after one year.
Barclays is the agent.
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: | $5 million
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Maturity: | Nov. 30, 2027
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Coupon: | 5.05% per year multiplied by proportion of days on which index closes at or above 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 1% loss for every 1% decline beyond 20%
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Call option: | At par on any interest payment date after one year
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Initial index level: | 3,133.64
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Coupon barrier: | 2,506.91, 80% of initial level
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Pricing date: | Nov. 25
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Settlement date: | Nov. 29
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Underwriter: | Barclays
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Fees: | 4%
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Cusip: | 06747NQJ6
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