Published on 12/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.12 million contingent income autocallables tied to indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Barclays Bank plc priced $8.12 million of contingent income autocallable securities due Dec. 5, 2022 linked to the least performing of the Euro Stoxx 50 index, the S&P 500 index and the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.25% if each index closes at or above its 75% coupon barrier on each day during the determination period for that quarter.
After one year, the notes will be called at par if each index closes at or above its initial level on any quarterly determination date other than the final date.
The payout at maturity will be par plus the contingent coupon unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying indexes: | Euro Stoxx 50, S&P 500 and Nikkei 225
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Amount: | $8,117,000
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Maturity: | Dec. 5, 2022
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Coupon: | 9.25% per year, payable quarterly if each index closes at or above 75% coupon barrier on each day during determination period for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performing index
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Call: | After one year, at par if each index closes at or above its initial level on any interest payment date other than final date
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Initial levels: | 22,724.96 for Nikkei, 2,647.58 for S&P and 3,569.93 for Stoxx
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Coupon barriers: | 17,043.720 for Nikkei, 1,985.685 for S&P and 2,677.448 for Stoxx; 75% of initial levels
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Downside thresholds: | 15,907.472 for Nikkei, 1,853.306 for S&P and 2,498.951 for Stoxx; 70% of initial levels
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 3%
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Cusip: | 06744CMN8
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