Published on 6/16/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $238,000 callable contingent coupon notes tied to fund, index
By Susanna Moon
Chicago, June 16 – Barclays Bank plc priced $238,000 of callable contingent coupon notes due June 4, 2020 linked to the lesser performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annualized rate of 9.5% if each underlying component closes at or above its 70% coupon barrier on the observation date for that period.
The notes are callable at par on any interest payment date after one year.
If each component finishes at or above its 70% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worse performing index or fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $238,000
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| Maturity: | June 4, 2020
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| Contingent coupon: | 9.5% per year, payable quarterly if each underlying component closes at or above 70% coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each component finishes at or above 70% barrier, par plus final coupon; otherwise, full exposure to losses of worse performing component
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| Call option: | At par on any interest payment date in November 2017
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| Initial levels: | $51.83 for fund, 2,411.80 for S&P
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| Barriers: | $36.28 for fund, 1,688.26 for S&P, 70% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | Barclays
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| Fees: | 0.55%
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| Cusip: | 06741VTR3
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