Published on 11/12/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $959,000 callable contingent coupon notes on S&P, Stoxx, EM ETF
By Wendy Van Sickle
Columbus, Ohio, Nov. 12 – Barclays Bank plc priced $959,000 of callable contingent coupon notes due Nov. 9, 2023 linked to the least performing of the S&P 500 index and the Euro Stoxx 50 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 10% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
At Barclays’ option, the notes will be callable in whole at par on any coupon payment date after the second date.
If each asset finishes at or above its barrier level, 50% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | S&P 500 index, Euro Stoxx 50 index, iShares MSCI Emerging Markets ETF
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| Amount: | $959,000
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| Maturity: | Nov. 9, 2023
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| Contingent coupon: | 10% per year, payable semiannually if each asset closes at or above coupon barrier level on the observation date for that period
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| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing asset
|
| Call option: | At par on any coupon payment date after the second date
|
| Initial levels: | $40.93 for fund, 2,738.31 for S&P and 3,217.37 for Stoxx
|
| Coupon barriers: | $28.65 for fund, 1,916.92 for S&P and 2,252.16 for Stoxx; 70% of initial levels
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| Barrier values: | $20.47 for fund, 1,369.16 for S&P and 1,608.69 for Stoxx; 50% of initial levels
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| Pricing date: | Nov. 5
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| Settlement date: | Nov. 8
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| Agent: | Barclays
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| Fees: | 1.125%
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| Cusip: | 06746XX99
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