Published on 4/5/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.71 million step-up callable contingent coupon notes on Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, April 5 – Barclays Bank plc priced $2.71 million of step-up callable contingent coupon notes due March 31, 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% per annum initially, stepping up to 15% after March 2022.
The notes are callable at par plus the contingent coupon on any interest payment date after March 2018.
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
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Russell 2000, Euro Stoxx 50
|
| Amount: | $2,706,000
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| Maturity: | March 31, 2027
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| Coupon: | Contingent coupon of 10% for the first five years, stepping up to 15% in March 2022, payable each quarter that each index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier, in which case full exposure to loss of worse performing index
|
| Call option: | At par on any interest payment date after one year
|
| Initial levels: | 3,465.07 for Stoxx and 1,367.26 for Russell
|
| Coupon barrier levels: | 2,598.80 for Stoxx and 1,025.45 for Russell; 75% of initial levels
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| Barrier levels: | 1,732.54 for Stoxx and 683.63 for Russell; 50% of initial levels
|
| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Agent: | Barclays
|
| Fees: | 4.5%
|
| Cusip: | 06741VLN0
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