Published on 5/11/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.75 million 10% contingent income callables tied to three indexes
By Susanna Moon
Chicago, May 11 – Barclays Bank plc priced $6.75 million of contingent income callable securities due Nov. 4, 2020 linked to the least 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.
The notes will pay a contingent quarterly coupon at an annual rate of 7.5% if each index closes at or above its 75% coupon barrier on each trading day during that quarter.
The notes are callable at par on any contingent payment date other than the final date.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays Securities (USA) LLC is the underwriter with Morgan Stanley Wealth Management as the dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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Amount: | $6,745,000
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Maturity: | Nov. 4, 2020
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Coupon: | 10% annualized, payable quarterly if each index closes at or above 75% coupon barrier on each trading day 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, 1% loss for each 1% decline of worst performing index
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Call option: | At par on any contingent payment date other than the final date
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Initial levels: | 1,541.884 for Russell, 2,648.05 for S&P and 3,536.52 for Stoxx
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Coupon barriers: | 1,156.413 for Russell, 1,986.038 for S&P and 2,652.39 for Stoxx, 75% of initial levels
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Downside thresholds: | 1,079.319 for Russell, 1,853.635 for S&P and 2,475.564 for Stoxx, 70% of initial levels
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Pricing date: | April 30
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Settlement date: | May 3
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06746XAB9
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