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Barclays plans CDs linked to 10 common stocks with 0.5% minimum coupon
By Angela McDaniels
Tacoma, Wash., April 9 – Barclays Bank Delaware plans to price certificates of deposit due April 29, 2020 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 coupon of 0.5%.
If a stock's return is greater than or equal to zero, its performance will be equal to the return cap. If a stock's return is negative, its performance will be the greater of the stock return and negative 15%. The return cap is expected to be 5% to 5.5% and will be set at pricing.
Investors will receive par at maturity.
Barclays is the agent. Incapital LLC is distributor.
The CDs will price April 24 and settle April 29.
The Cusip number is 06740A5M7.
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