Published on 3/3/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.37 million step-up callable contingent payment notes tied to indexes
By Susanna Moon
Chicago, March 3 – Barclays Bank plc priced $2.37 million of step-up callable contingent payment notes due Feb. 26, 2027 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 75% coupon barrier level on the valuation date for that quarter. The coupon will be 10% initially, stepping up to 12% in 2021 and to 14% in 2025.
The notes are callable at par plus the contingent coupon on any interest payment date after one year.
The payout at maturity will be par unless either index finishes below the 50% 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: | Callable contingent payment notes
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| Underlying indexes: | Russell 2000, Euro Stoxx 50
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| Amount: | $2,367,000
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| Maturity: | Feb. 26, 2027
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| Coupon: | 10% annualized initially, stepping up to 12% after February 2021 and to 14% after February 2025, payable quarterly if each index closes at or above its barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its barrier level, in which case par plus return of worst performing index, with full exposure to losses
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| Call option: | On any contingent coupon payment date beginning in February 2018
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| Initial levels: | 1,394.62 for Russell, 3,333.96 for Stoxx
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| Coupon barriers: | 1,045.97 for Russell, 1,666.98 for Stoxx, 75% of initial levels
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| Barrier levels: | 697.31 for Russell, 2,500.47 for Stoxx, 50% 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: | 4.5%
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| Cusip: | 06741VJM5
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