E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/10/2014 in the Prospect News Structured Products Daily.

Barclays to price callable contingent coupon notes linked to Seadrill

By Angela McDaniels

Tacoma, Wash., March 10 - Barclays Bank plc plans to price callable contingent coupon notes due March 17, 2016 linked to the common stock of Seadrill Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a coupon of 3.75% (equivalent to 15% per year) if the closing price of Seadrill shares is greater than or equal to the barrier price, 70% of the initial share price, on the observation date for that quarter.

The notes are callable on any coupon payment date at par.

If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. If the final share price is less than the barrier price, investors will receive a number of Seadrill shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.

Barclays is the agent.

The notes will price March 13 and settle March 18.

The Cusip number is 06741J6Y0.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.