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Barclays plans CDs due 2022 tied to 10 stocks with 0.5% minimum coupon
By Toni Weeks
San Luis Obispo, Calif., July 13 – Barclays Bank Delaware plans to price certificates of deposit due July 29, 2022 linked to a basket of stocks, according to a term sheet.
The equally weighted basket includes AT&T Inc., Bristol-Myers Squibb Co., Duke Energy Corp., General Motors Co., International Business Machines Corp., Kimberly-Clark Corp., Microsoft Corp., Prudential Financial, Inc., Target Corp. and Valero Energy Corp.
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 8% to 8.5% and will be set at pricing.
Investors will receive par at maturity.
Barclays is the agent. Incapital LLC is distributor.
The CDs will price July 27 and settle July 30.
The Cusip number is 06740A7H6.
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