Published on 1/25/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.48 million callable contingent interest notes tied to indexes
By Marisa Wong
Morgantown, W.Va., Jan. 25 – Barclays Bank plc priced $4.48 million of callable contingent interest notes due Jan. 25, 2019 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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 9.9% if each index closes at or above its trigger value, 70% of its initial level, on the review date for that quarter.
The notes will be callable in whole at par plus the contingent coupon on any interest payment date other than the final one.
The payout at maturity will be par plus the final interest payment unless any index finishes below its trigger value, in which case investors will lose 1% for each 1% decline of the worst-performing index.
Barclays is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent interest notes
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| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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| Amount: | $4,478,000
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| Maturity: | Jan. 25, 2019
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| Coupon: | 9.9%, payable quarterly if each index closes at or above trigger value on quarterly review date
|
| Price: | Par
|
| Call option: | At par quarterly on any coupon date other than final date
|
| Payout at maturity: | Par plus final interest payment unless any index finishes below trigger value, in which 1% loss for each 1% decline of the worst-performing index
|
| Initial levels: | 3,299.44 for Stoxx, 1,351.848 for Russell, 2,271.31 for S&P
|
| Trigger values: | 2,309.61 for Stoxx, 946.294 for Russell, 1,589.92 for S&P; 70% of initial levels
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| Pricing date: | Jan. 20
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| Settlement date: | Jan. 25
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| Agent: | Barclays
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1.5%
|
| Cusip: | 06741VHM7
|
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