Published on 5/17/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.4 million dual directional notes linked to Russell 2000, PowerShares QQQ
By Angela McDaniels
Tacoma, Wash., May 17 – Barclays Bank plc priced $2.4 million 0% dual directional notes due May 18, 2020 linked to the lesser performing of the Russell 2000 index and the PowerShares QQQ trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of the lesser-performing underlier is greater than its initial level, the payout at maturity will be par plus four times the return of the lesser-performing underlier, subject to a maximum return of 45%.
If the final level of the lesser-performing underlier is less than its initial level but greater than or equal to its barrier level, 60% of its initial level, the payout will be par plus 0.5% for every 1% that the lesser-performing underlier declines.
If the final level of the lesser-performing underlier is less than its barrier level, investors will lose 1% for every 1% that the lesser-performing underlier’s final level is below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Dual directional notes
|
| Underliers: | Russell 2000 index and PowerShares QQQ trust, series 1
|
| Amount: | $2,404,000
|
| Maturity: | May 18, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of lesser-performing underlier is greater than initial level, par plus four times return of lesser-performing underlier, subject to 45% maximum return; if final level of lesser-performing underlier is less than initial level but greater than or equal to barrier level, par plus 50% of absolute return of lesser-performing underlier; if final level of lesser-performing underlier is less than barrier level, full exposure to decline of lesser-performing underlier from initial level
|
| Initial levels: | 1,102.44 for index and $105.50 for trust
|
| Barrier levels: | 661.46 for index and $63.30 for trust; 60% of initial levels
|
| Pricing date: | May 13
|
| Settlement date: | May 18
|
| Agent: | Barclays
|
| Fees: | 0.25%
|
| Cusip: | 06741V2X9
|
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