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Barclays to price CDs linked to 10 S&P GSCI commodity indexes
By Angela McDaniels
Tacoma, Wash., Oct. 17 - Barclays Bank Delaware plans to price certificates of deposit due Oct. 30, 2018 linked to a basket of commodity indexes, according a term sheet.
The basket includes equal weights of the S&P GSCI Aluminum Index Excess Return, the S&P GSCI Cocoa Index Excess Return, the S&P GSCI Corn Index Excess Return, the S&P GSCI Cotton Index Excess Return, the S&P GSCI Gold Index Excess Return, the S&P GSCI Live Cattle Index Excess Return, the S&P GSCI Natural Gas Index Excess Return, the S&P GSCI Nickel Index Excess Return, the S&P GSCI Sugar Index Excess Return and the S&P GSCI Zinc Index Excess Return.
The CDs will pay a coupon each year equal to the greater of (a) the average of the index performances on the applicable coupon observation date and (b) zero.
If an index's return is greater than or equal to zero, its performance will be equal to the return cap, which is expected to be 7% to 11% and will be set at pricing. Otherwise, its performance will be the greater of the index return and negative 20%.
The payout at maturity will be par plus the final coupon payment, if any.
The CDs (Cusip: 06740AQN2) will price Oct. 25 and settle Oct. 31.
Barclays Capital Inc. is the agent.
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