Published on 3/7/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.03 million 8.75% contingent coupon callables tied to index, fund
By Susanna Moon
Chicago, March 7 – Barclays Bank plc priced $5.03 million of callable contingent coupon notes due Feb. 19, 2021 linked to the lesser performing of the S&P 500 index 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 semiannual coupon at an annual rate of 8.75% if each underlying asset closes at or above its 65% coupon barrier on the review date for that period.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either asset closes below its 65% barrier level, in which case investors will be exposed to any losses of the worse performing index or fund.
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: | $5,033,000
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Maturity: | Feb. 19, 2021
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Coupon: | 8.75% annualized, payable semiannually if each asset closes at or above its 65% coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless either asset falls by more than 35%, in which case 1% loss per 1% decline of worse performing index or fund
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Call option: | At par on any interest payment date
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Initial levels: | 2,732.22 for Stoxx, $33.92 for fund
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Barrier levels: | 1,775.94 for Stoxx, $22.05 for fund; 65% of initial levels
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Pricing date: | Feb. 16
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Settlement date: | Feb. 26
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Agent: | Barclays
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Fees: | 2.8%
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Cusip: | 06744CTW1
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