Published on 12/16/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.31 million callable contingent coupon notes on S&P 500, oil fund
By Marisa Wong
Morgantown, W.Va., Dec. 16 – Barclays Bank plc priced $1.31 million of callable contingent coupon notes due Dec. 14, 2020 linked to the lesser performing of the S&P 500 index and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 11.5% if each underlying closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either underlying finishes below its barrier level, in which case investors will be exposed to the decline of the lesser performing underlying from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlyings: | S&P 500 index, United States Oil Fund, LP
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Amount: | $1.31 million
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Maturity: | Dec. 14, 2020
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Contingent coupon: | 11.5% per year, payable quarterly if each underlying closes at or above barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either underlying finishes below barrier level, in which case exposure to decline of lesser performing underlying from initial level
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Call option: | At par on any interest payment date
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Initial index levels: | 2,259.53 for index and $11.44 for fund
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Barrier levels: | 1,355.72 for index and $6.86 for fund; 60% of initial levels
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Pricing date: | Dec. 9
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Settlement date: | Dec. 14
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06741VF80
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