Published on 9/8/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.03 million trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – Barclays Bank plc priced $6.03 million of trigger callable contingent yield notes due March 11, 2019 linked to the worst performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10% if each index’s closing level remains at or above its coupon barrier level, 65% of its initial level, on each day during that quarter.
The notes will be callable at par of $10 on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold level, 55% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index and S&P 500 index
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Amount: | $6,025,000
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Maturity: | March 11, 2019
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Coupon: | 10% per year, payable quarterly if each index closes at or above its barrier level each day for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case full exposure to any losses of worst performing index
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Call option: | At par quarterly
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Initial levels: | 3,017.49 for Euro Stoxx 50, 2,170.86 for S&P, 1,239.804 for Russell
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Coupon barriers: | 1,961.37 for Euro Stoxx 50, 1,411.06 for S&P, 805.873 for Russell; 65% of initial levels
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Downside thresholds: | 1,659.62 for Euro Stoxx 50, 1,193.97 for S&P, 681.892 for Russell; 55% of initial levels
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Pricing date: | Sept. 2
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Settlement date: | Sept. 12
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Agents: | UBS Financial Services Inc. and Barclays Capital Inc.
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Fees: | 1%
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Cusip: | 06745B466
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