By Wendy Van Sickle
Columbus, Ohio, Dec. 4 – Barclays Bank plc priced $6.24 million of callable range accrual notes due May 30, 2023 linked to the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
Interest will accrue at 7% per year multiplied by the proportion of days on which the index closes at or above the coupon barrier level, which is 80% of the initial level. Interest is payable monthly.
If the final index level is greater than or equal to the 80% buffer level, the payout at maturity will be par. Investors will lose 1% for each 1% loss below the buffer.
After one year, the notes will be callable at par on any interest payment date.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable range accrual notes
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| Underlying index: | Russell 2000
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| Amount: | $6,237,000
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| Maturity: | May 30, 2023
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| Coupon: | 7% per year multiplied by proportion of days on which index closes at or above coupon barrier; payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless index finishes below buffer level; 1% for every 1% loss beyond buffer
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| Call option: | At par on any interest payment date from November 2016 onward
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| Initial index level: | 1,188.81
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| Coupon barrier/buffer level: | 951.05, 80% of initial level
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06741US21
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