Published on 10/17/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $498,000 9.75% contingent coupon callables tied to funds
By Susanna Moon
Chicago, Oct. 13 – Barclays Bank plc priced $498,000 of callable contingent coupon notes due Oct. 9, 2020 linked to the least performing of the SPDR S&P Retail exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 10% if each underlying component closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless any underlying component finishes below its 65% barrier level, in which case investors will be fully exposed to the decline of the worst performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | SPDR S&P Retail ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $498,000
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| Maturity: | Oct. 9, 2020
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| Contingent coupon: | 10% per year, payable quarterly if each underlying component closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each underlying component finishes at or above trigger, par; otherwise, full exposure to losses of worst performing fund
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| Call option: | At par on any interest payment date after one year
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| Initial levels: | $41.65 for retail fund, $33.58 for oil fund
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| Trigger levels: | $27.07 for retail fund, $21.83 for oil fund; 65% of initial levels
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 12
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| Agent: | Barclays
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| Fees: | 0.63%
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| Cusip: | 06744CB91
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