Published on 5/30/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $14.67 million contingent income callables on indexes
By Sarah Lizee
Olympia, Wash., May 30 – Barclays Bank plc priced $14.67 million of contingent income callable securities due Dec. 1, 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 9% if each index closes at or above its 75% coupon barrier on the observation date for 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 is the underwriter with Morgan Stanley Wealth Management as the dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
|
| Amount: | $14,669,000
|
| Maturity: | Dec. 1, 2020
|
| Coupon: | 9% annualized, payable quarterly if each index closes at or above 75% coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call option: | At par on any contingent payment date other than the final date
|
| Initial levels: | 1,626.928 for Russell, 2,721.33 for S&P and 3,515.36 for Stoxx
|
| Downside thresholds: | 1,138.85 for Russell, 1,904.931 for S&P and 2,460.752 for Stoxx, 70% of initial levels
|
| Pricing date: | May 25
|
| Settlement date: | May 31
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06746XCT8
|
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