Published on 8/22/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.09 million callable contingent income notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 22 – Barclays Bank plc priced $2.09 million of callable contingent income securities due Feb. 22, 2021 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.
Each quarter, the notes will pay a contingent coupon at the rate of 13.75% per year if each index closes at or above its coupon barrier level, 85% of its initial level, on each trading day that quarter.
If each index finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus the final coupon.
If any index finishes below its downside threshold, investors will be fully exposed to the decline of the least-performing index from its initial level.
The notes will be callable at par on any interest payment date.
Barclays is the agent. Morgan Stanley Wealth Management is the distributor.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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| Amount: | $2,092,000
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| Maturity: | Feb. 22, 2021
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| Coupon: | 13.75% per year, payable quarterly if each index closes at or above coupon barrier level on each trading day that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if each index finishes at or above downside threshold; if any index finishes below downside threshold, full exposure to decline of least-performing index from its initial level
|
| Call option: | Callable at par on any interest payment date
|
| Initial levels: | 2,850.13 for S&P, 1,692.947 for Russell and 3,372.94 for Stoxx
|
| Coupon barriers: | 2,422.691 for S&P, 1,439.005 for Russell and 2,866.999 for Stoxx; 85% of initial levels
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| Downside thresholds: | 2,137.598 for S&P, 1,269.71 for Russell and 2,529.705 for Stoxx; 75% of initial levels Pricing date: | Aug. 17
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| Settlement date: | Aug. 22
|
| Agent: | Barclays
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| Distributor: | Morgan Stanley Wealth Management
|
| Fees: | 2.25%
|
| Cusip: | 06746XMN0
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