Published on 2/13/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.2 million callable contingent coupon notes on Russell, Stoxx Banks
By Wendy Van Sickle
Columbus, Ohio, Feb. 13 – Barclays Bank plc priced $2.2 million of callable contingent coupon notes due Jan. 31, 2029 linked to the least performing of the Euro Stoxx Banks index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon of 10.5% per year if each index closes at or above its coupon barrier level, 55% 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.
If each index finishes at or above its barrier level, 55% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Euro Stoxx Banks index, Russell 2000 index
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Amount: | $2,204,000
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Maturity: | Jan. 31, 2029
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Contingent coupon: | 10.5% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, exposure to losses of least-performing index
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Call option: | At par on any coupon payment date
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Initial levels: | 94.11 for Stoxx Banks, 1,473.54 for Russell
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Coupon barriers: | 51.76 for Stoxx Banks, 810.45 for Russell, 55% of initial levels
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Barrier levels: | 51.76 for Stoxx Banks, 810.45 for Russell, 55% of initial levels
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Pricing date: | Jan. 28
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Settlement date: | Jan. 31
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Agent: | Barclays
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Fees: | 4.5%
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Cusip: | 06747M5T9
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