New Issue: Barclays sells $3.5 million contingent income callable notes on indexes

By Sarah Lizee

Olympia, Wash., Jan. 3 – Barclays Bank plc priced $3.5 million of contingent income callable securities due July 1, 2021 linked to the worst performing of the Nikkei 225 index, the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon at an annual rate of 14.4% if each index closes at or above its coupon barrier level, 75% of its initial index level, on each day during that quarter.

The notes are callable at par on any quarterly contingent payment date other than the final one beginning July 3, 2019.

If each index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any. If the final level of any index is less than its downside threshold level, investors will be fully exposed to the decline of the least-performing index.

Barclays is the agent. Distribution is through Morgan Stanley Wealth Management.

Issuer:	Barclays Bank plc
Issue:	Contingent income callable securities
Underlying indexes:	Nikkei 225 index, Euro Stoxx 50 index and S&P 500 index
Amount:	$3.5 million
Maturity:	July 1, 2021
Coupon:	14.4% per year, payable quarterly if each index closes at or above coupon barrier level on each day during that quarter
Price:	Par
Payout at maturity:	If each index finishes at or above downside threshold level, par plus final contingent coupon, if any; if final level of any index is less than downside threshold level, full exposure to decline of lowest-performing index
Call option:	At par on any quarterly coupon payment date other than final one beginning July 3, 2019
Initial levels:	20,014.77 for Nikkei 225, 2,485.74 for Stoxx 50 and 2,986.53 for S&P
Coupon barriers:	15,011.078 for Nikkei 225, 1,864.305 for Stoxx 50 and 2,239.898 for S&P, 75% of initial levels
Trigger levels:	14,010.339 for Nikkei 225, 1,740.018 for Stoxx 50 and 2,090.571 for S&P, 70% of initial levels
Pricing date:	Dec. 28
Settlement date:	Jan. 3
Agent:	Barclays
Distribution:	Morgan Stanley Wealth Management
Fees:	2.25%
Cusip:	06747M6N1

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.