Published on 8/22/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.4 million contingent income autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 22 – Barclays Bank plc priced $3.4 million of contingent income autocallable securities due Feb. 19, 2021 linked to the worst performing of the Nasdaq-100 index, the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10.8% if each index closes at or above its 80% coupon barrier on the determination date that quarter.
The notes will be called at par plus the contingent coupon 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 unless any index finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Nasdaq-100, Euro Stoxx 50, S&P 500
|
| Amount: | $3,401,000
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| Maturity: | Feb. 19, 2021
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| Coupon: | 10.8% annualized, payable each quarter that each index closes at or above coupon barrier on determination date 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: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date other than the final date
|
| Initial levels: | 7,374.295 for Nasdaq, 1,687.079 for Stoxx, 2,801.31 for S&P
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| Coupon barriers: | 5,899.436 for Nasdaq, 2,702.048 for Stoxx, 2,272.552 for S&P; 80% of initial levels
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| Downside thresholds: | 5,530.721 for Nasdaq, 2,533.17 for Stoxx, 2,130.518 for S&P; 75% of initial levels
|
| Pricing date: | Aug. 16
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| Settlement date: | Aug. 21
|
| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 2%
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| Cusip: | 06746XMF7
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