Published on 3/1/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.25 million step-down callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 1 – Barclays Bank plc priced $4.25 million of step-down callable contingent payment notes due Feb. 26, 2027 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The fixed coupon will be 13% annualized, payable on May 30, 2017. After that, the notes will pay a contingent quarterly coupon at an annualized rate if each index closes above its 75% coupon barrier on the observation date for that quarter. The contingent coupon will be 13% initially, stepping down to 12% in May 2018, to 11% in May 2019 and to 10% in February 2020.
The notes will be callable at par on any contingent coupon payment date beginning February 2018.
The payout at maturity will be par plus the final contingent coupon unless either index finishes below its 65% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Step-down callable contingent coupon notes
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| Underlying indexes: | Euro Stoxx 50 and Russell 2000
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| Amount: | $4.25 million
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| Maturity: | Feb. 26, 2027
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| Coupon: | 13% annualized payable on May 30, 2017; then quarterly at an annualized rate if index closes above coupon barrier on quarterly observation date; contingent coupon will be 13% initially, stepping down to 12% in May 2018, to 11% in May 2019 and to 10% in February 2020
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of worse performing index
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| Call option: | At par on any interest payment date beginning in February 2018
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| Initial levels: | 1,394.62 for Russell and 3,333.96 for Stoxx
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| Coupon barriers: | 1,045.97 for Russell and 2,500.47 for Stoxx, or 75% of initial levels
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| Barriers: | 976.23 for Russell and 2,333.77 for Stoxx, or 60% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06741VKE1
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