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Barclays Bank Delaware plans seven-year CDs tied to 10 stocks
By Marisa Wong
Madison, Wis., June 9 – Barclays Bank Delaware plans to price certificates of deposit due June 25, 2021 linked to a basket of 10 common stocks, according to a term sheet.
The equally weighted basket includes Apple, Inc., AbbVie Inc., American Express Co., Bristol-Myers Squibb Co., ConocoPhillips, Cisco Systems, Inc., Ford Motor Co., Microsoft Corp., PPL Corp. and the Williams Cos., Inc.
The CDs will pay a coupon each year equal to the average of the performances of the stocks, subject to a minimum rate of 1%.
If a stock’s return is zero or positive, its performance will be fixed at 7% to 8%. If a stock’s return is less than zero, its performance will be the greater of the stock return and negative 15%.
Investors will receive par at maturity, and the exact terms will be set at pricing.
Barclays is the agent. Incapital LLC is the distributor.
The CDs will price on June 24 and settle on June 30.
The Cusip number is 06740AT90.
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