Published on 11/5/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $9.48 million contingent income callable notes on indexes
By Sarah Lizee
Olympia, Wash., Nov. 5 – Barclays Bank plc priced $9.48 million of contingent income callable securities due May 6, 2021 linked to the worst performing of the Euro Stoxx Banks index, the Russell 2000 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 14.1% if each index closes at or above its downside threshold level, 70% 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.
If each index finishes at or above its downside threshold 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
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Issue: | Contingent income callable securities
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Underlying indexes: | Euro Stoxx Banks index, Russell 2000 index and S&P 500 index
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Amount: | $9,477,000
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Maturity: | May 6, 2021
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Coupon: | 14.1% per year, payable quarterly if each index closes at or above downside threshold level on each day during that quarter
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Price: | Par
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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
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Call option: | At par on any quarterly coupon payment date
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Initial levels: | 96.89 for Stoxx Banks, 1,511.413 for Russell and 2,711.74 for S&P
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Trigger levels: | 67.823 for Stoxx Banks, 1,057.989 for Russell and 1,057.989 for S&P, 70% of initial levels
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Pricing date: | Oct. 31
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Settlement date: | Nov. 5
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Agent: | Barclays
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Distribution: | Morgan Stanley Wealth Management
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Fees: | 2.25%
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Cusip: | 06746XVM2
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