Published on 8/24/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.76 million 11.05% contingent income callables tied to three indexes
By Susanna Moon
Chicago, Aug. 24 – Barclays Bank plc priced $1.76 million of contingent income callable securities due Feb. 19, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.05% if each index closes at or above its 80% coupon barrier on each trading day during that quarter.
The notes are callable at par on any contingent payment date other than the final date after six months.
The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays Securities (USA) LLC is the underwriter with Morgan Stanley Wealth Management as the dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | Russell 2000, S&P 500 and Nikkei 225
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Amount: | $1.76 million
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Maturity: | Feb. 19, 2021
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Coupon: | 11.05% annualized, payable quarterly if each index closes at or above 80% coupon barrier on each trading day for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call option: | At par on any contingent payment date other than the final date beginning Feb. 19, 2019
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Initial levels: | 1,685.752 for Russell, 2,840.69 for S&P and 22,192.04 for Nikkei
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Coupon barriers: | 1,348.602 for Russell, 2,272.552 for S&P and 17,753.632 for Nikkei, 80% of initial levels
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Downside thresholds: | 1,264.314 for Russell, 2,130.518 for S&P and 16,644.03 for Nikkei, 75% of initial levels
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Pricing date: | Aug. 16
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Settlement date: | Aug. 21
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Agent: | Barclays
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Fees: | 1.5%
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Cusip: | 06746XMH3
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