Published on 8/28/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.93 million callable contingent coupon notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Aug. 28 – Barclays Bank plc priced $4.93 million of callable contingent coupon notes due Aug. 27, 2021 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 pay a contingent semiannual coupon at an annualized rate of 10% if each underlying asset closes at or above its coupon barrier level, 65% of its initial price, on the observation date for that period.
The notes will be callable in whole at par on any observation date.
If each asset finishes at or above its barrier level, 65% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $4,934,000
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| Maturity: | Aug. 27, 2021
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| Contingent coupon: | 10% per year, payable semiannually if each underlying asset closes at or above coupon barrier level observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing asset
|
| Call option: | Callable at par on any observation date
|
| Initial levels: | 2,874.69 for S&P and $42.05 for oil fund
|
| Coupon barriers: | 1,868.55 for S&P and $27.33 for oil fund, 65% of initial levels
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| Barriers: | 1,868.55 for S&P and $27.33 for oil fund, 65% of initial levels
|
| Pricing date: | Aug. 24
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| Settlement date: | Aug. 31
|
| Agent: | Barclays
|
| Fees: | 0.8%
|
| Cusip: | 06746XKC6
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