Published on 10/17/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $13.31 million of contingent income callables tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 17 – Barclays Bank plc priced $13.31 million of contingent income callable securities due April 17, 2020 linked to the least performing of the Russell 2000 index, the MSCI Emerging Markets index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12.5% if each index closes at or above its 70% coupon barrier on the determination date for that quarter.
The notes will be callable at par on any quarterly determination date other than the final date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 65% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000, MSCI Emerging Markets and Euro Stoxx Banks
|
| Amount: | $13,309,000
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| Maturity: | April 17, 2020
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| Coupon: | 12.5% per year, payable quarterly if each index closes at or above 70% coupon barrier on determination date that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performing index
|
| Call option: | At par on any interest payment date other than final date
|
| Initial levels: | 1,502.658 for Russell, 1,125.91 for Emerging Markets and 133.66 for Stoxx Banks
|
| Coupon barriers: | 1,051.861 for Russell, 788.137 for Emerging Markets and 93.562 for Stoxx Banks; 70% of initial levels
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| Downside thresholds: | 976.728 for Russell, 731.842 for Emerging Markets and 86.879 for Stoxx Banks; 65% of initial levels
|
| Pricing date: | Oct. 13
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| Settlement date: | Oct. 18
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 06744CA50
|
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