Published on 7/27/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.69 million contingent coupon callables on index, fund
By Susanna Moon
Chicago, July 27 – Barclays Bank plc priced $2.69 million of callable contingent coupon notes due July 23, 2024 linked to the least 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 component closes at or above its 60% coupon barrier on the observation date for that period.
The notes are callable at par on any interest payment date.
The payout at maturity will be par plus the final coupon unless either component finishes below its 60% barrier level, in which case investors will be exposed to the decline of the worse performing component.
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: | $2.69 million
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Maturity: | July 24, 2020
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Contingent coupon: | 9.5% per year, payable semiannually if each underlying component closes at or above 60% coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each component finishes at or above 60% barrier, par; otherwise, exposure to losses of worse performing component
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Call option: | At par on any interest payment date
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Initial levels: | 2,472.54 for S&P, $31.65 for oil fund
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Barriers: | 1,483.52 for S&P, $18.99 for oil fund; 60% of initial levels
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Pricing date: | July 21
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Settlement date: | July 28
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Agent: | Barclays
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Fees: | 0.65%
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Cusip: | 06744CAY7
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