New Issue: Barclays prices $7.24 million contingent income callable notes linked to funds

By Taylor Fox

New York, Jan. 25 – Barclays Bank plc priced $7.24 million of contingent income callable securities due Dec. 30, 2022 linked to the least performing of the Energy Select Sector SPDR fund, the Financial Select Sector SPDR fund and the Industrial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon at the rate of 9.3% per year if each fund closes at or above its coupon barrier, 65% of its initial level on the related determination date.

The notes are callable at par plus the coupon, if any, on any quarterly coupon payment date other than the final one.

If each fund finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to decline of the least-performing fund from its initial level.

Barclays is the underwriter. Morgan Stanley Wealth Management is the dealer.

Issuer:	Barclays Bank plc
Issue:	Contingent income callable securities
Underlying funds:	Energy Select Sector SPDR fund, Financial Select Sector SPDR fund and Industrial Select Sector SPDR fund
Amount:	$7,238,000
Maturity:	Dec. 30, 2022
Coupon:	9.3% per year, payable quarterly if each fund closes at or above coupon barrier level on related determination date
Price:	Par
Payout at maturity:	If each fund finishes at or above downside threshold level, par plus coupon, if any; otherwise, full exposure to least-performing fund’s decline from initial level
Call option:	Callable at par plus coupon on any quarterly coupon payment date except final one
Initial levels:	$38.12 for Energy Select, $28.95 for Financial Select and $88 for Industrial Select
Coupon barrier levels:	$24.778 for Energy Select, $18.818 for Financial Select and $57.2 for Industrial Select; 65% of initial levels
Downside threshold levels:	$24.778 for Energy Select, $18.818 for Financial Select and $57.2 for Industrial Select; 65% of initial levels
Pricing date:	Dec. 24
Settlement date:	Dec. 30
Underwriter:	Barclays
Dealer:	Morgan Stanley Wealth Management
Fees:	2%
Cusip:	06747L447

© 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.