Published on 7/4/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.19 million callable contingent coupon notes on S&P, oil fund
By Kiku Steinfeld
Chicago, July 5 – Barclays Bank plc priced $3.19 million of callable contingent coupon notes due June 12, 2024 linked to 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 quarterly contingent coupon at an annualized rate of 7.9% if each underlying component closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
The payout at maturity will be par unless either component finishes below its 55% barrier level, in which case investors will be fully exposed to any losses of the worse performing component.
The notes are callable at par plus any coupon on any contingent coupon payment date after one year.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying components: | S&P 500 index and SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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| Amount: | $3,191,000
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| Maturity: | June 12, 2024
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| Coupon: | 7.9%, payable quarterly if each component closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either component finishes below its 55% barrier level, in which case investors will be fully exposed to any losses of the worse performing component
|
| Call option: | At par plus any coupon on any interest payment date after one year
|
| Initial levels: | 2,873.34 for S&P 500, $25.84 for SPDR S&P
|
| Coupon barrier levels: | 1,724.00 for S&P 500, $15.50 for SPDR S&P, 60% of initial levels
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| Barrie levels: | 1,580.34 for S&P 500, $14.21 for SPDR S&P, 55% of initial levels
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| Pricing date: | June 7
|
| Settlement date: | June 12
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| Agent: | Barclays Capital Inc.
|
| Fees: | 4.075%
|
| Cusip: | 06747MX43
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