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Barclays Bank Delaware plans CDs due 2022 tied to basket of 10 stocks
By Toni Weeks
San Luis Obispo, Calif., Feb. 9 – Barclays Bank Delaware plans to price certificates of deposit due Feb. 25, 2022 linked to a basket of stocks, according to a term sheet.
The equally weighted basket includes Apple Inc., Caterpillar Inc., Coca-Cola Co., ConocoPhillips, Ford Motor Co., Intel Corp., Pfizer Inc., Qualcomm Inc., Target Corp. and Verizon Communications 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 0.75%.
If a stock’s return is zero or positive, its performance will be fixed at 6% to 6.5%. 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 Feb. 23 and settle Feb. 26.
The Cusip number is 06740A4L0.
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