Published on 8/30/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.2 million 10.25% contingent coupon callables on indexes, fund
By Susanna Moon
Chicago, Aug. 30 – Barclays Bank plc priced $2.2 million of callable contingent coupon notes due Aug. 29, 2022 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.25% if each underlying asset closes at or above its 60% coupon barrier 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 any underlying asset closes below its 50% trigger level, in which case investors will be exposed to any losses of the worst performing index or fund.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index, Nasdaq-100 index and United States Oil Fund, LP
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Amount: | $2,198,000
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Maturity: | Aug. 29, 2022
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Coupon: | 10.25% annualized, payable quarterly if each asset closes at or above its 60% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any asset falls by more than 50%, in which case 1% loss per 1% decline of worst performing index or fund
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Call option: | At par on any interest payment date
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Initial levels: | 2,874.69 for S&P, 7,485.40 for Nasdaq and $14.43 for fund
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Coupon barriers: | 1,724.81 for S&P, 4,491.24 for Nasdaq and $8.66 for fund; 60% of initial levels
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Trigger levels: | 1,437.35 for S&P, 3,742.70 for Nasdaq and $7.22 for fund 50% of initial levels
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Pricing date: | Aug. 24
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Settlement date: | Aug. 29
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06746XMT7
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