Published on 4/21/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.2 million callable contingent payment notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., April 21 - Barclays Bank plc priced $1.2 million of callable contingent payment notes due April 22, 2019 linked to the lowest return of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, noteholders will receive a contingent payment at the rate of 8.75% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that quarter.
If the final level of the lowest-performing index is greater than or equal to its barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lowest-performing index from its initial level.
The notes are callable at par on any quarterly contingent payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent payment notes
|
| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
|
| Amount: | $1.2 million
|
| Maturity: | April 22, 2019
|
| Coupon: | 8.75% per year, payable quarterly if each index closes at or above coupon barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of lowest-performing index is greater than or equal to barrier level, par; otherwise, full exposure to decline of lowest-performing index
|
| Call option: | At par on any quarterly contingent payment date
|
| Initial index levels: | 1,826.31 for S&P 500, 1,131.77 for Russell 2000 and 3,139.26 for Euro Stoxx 50
|
| Barrier levels:h | 1,117.39 for S&P 500, 679.06 for Russell 2000 and 1,883.56 for Euro Stoxx 50; 60% of initial levels
|
| Coupon barrier levels: | 1,303.62 for S&P 500, 792.24 for Russell 2000 and 2,197.48 for Euro Stoxx 50; 70% of initial levels
|
| Pricing date: | April 16
|
| Settlement date: | April 22
|
| Agent: | Barclays
|
| Fees: | 1.25%
|
| Cusip: | 06741UBZ6
|
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