Published on 4/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $959,000 callable contingent coupon notes linked to S&P, oil ETF
By Sarah Lizee
Olympia, Wash., April 2 – Barclays Bank plc priced $959,000 of callable contingent coupon notes due March 31, 2022 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.
Every quarter, the notes pay a coupon at an annualized rate of 11.1% if each underlier closes at or above its barrier level, 65% of its initial level, on the observation date for that period.
The notes are callable at par on any interest payment date after six months.
The payout at maturity will be par unless either underlier finishes below its barrier level, in which case investors will be exposed to the decline of the lesser-performing underlier from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underliers: | S&P 500 index and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $959,000
|
| Maturity: | March 31, 2022
|
| Contingent coupon: | 11.1% per year, payable quarterly if each underlier closes at or above barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlier finishes below barrier level, in which case exposure to decline of lesser-performing underlier from initial level
|
| Call option: | At par on any interest payment date after six months
|
| Initial levels: | 2,834.40 for index and $30.74 for ETF
|
| Barrier levels: | 1,842.36 for index and $19.98 for ETF; 65% of initial levels
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Agent: | Barclays
|
| Fees: | 0.8%
|
| Cusip: | 06747MFZ4
|
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