Barclays plans contingent income callable securities on three indexes

By Devika Patel

Knoxville, Tenn., June 6 – Barclays Bank plc plans to price contingent income callable securities due June 20, 2023 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of at least 10.25% if each index closes at or above its coupon barrier level, 75% of its initial index level, on the determination date for that quarter. The exact contingent coupon will be set at pricing.

The notes will be callable in whole but not in part at par plus the coupon payment, if any, on any quarterly payment date other than the final one.

If each index finishes at or above its downside threshold level, 65% of its initial index level, the payout at maturity will be par plus the final contingent coupon, if any. If the final level of any index is less than its downside threshold level, investors will lose 1% for each 1% decline of the least-performing index.

Barclays is the agent. Morgan Stanley Wealth Management is a dealer.

The notes (Cusip: 06744K244) will price on June 15 and settle on June 20.

© 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.