By Wendy Van Sickle
Columbus, Ohio, May 5– Barclays Bank plc priced $9 million of 10.3% trigger securities due Nov. 8, 2017 linked to the 30-year U.S. Dollar ICE Swap Rate minus the two-year U.S. Dollar ICE Swap Rate, according to a 424B2 filed with the Securities and Exchange Commission.
Interest is payable monthly.
If the final swap rate spread is at least 50% of the initial spread, the payout at maturity will be par. If the final spread is less than 50% of the initial spread, investors will lose 1% for each 1% the final spread is less than the initial spread.
Barclays is the agent. Morgan Stanley Wealth Management is the dealer.
Issuer: | Barclays Bank plc
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Issue: | Fixed-coupon trigger securities
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Underlying spread: | 30-year U.S. Dollar ICE Swap Rate minus the two-year U.S. Dollar ICE Swap Rate
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Amount: | $9 million
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Maturity: | Nov. 8, 2017
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Coupon: | 10.3%, payable monthly.
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Price: | Par
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Payout at maturity: | Par if final spread is at least 50% of initial spread; otherwise, 1% loss for each 1% decline of final spread from initial spread
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Initial spread: | 0.968%
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Threshold spread: | 0.4840%, 50% of initial spread
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Pricing date: | May 2
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Settlement date: | May 8
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Agent: | Barclays with Morgan Stanley Wealth Management as dealer
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Fees: | 1.75%
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Cusip: | 06741VT28
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