Published on 6/28/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 10% contingent coupon callables on S&P, funds
By Susanna Moon
Chicago, June 28 – Barclays Bank plc priced $2 million of callable contingent coupon notes due March 25, 2022 linked to the least performing of the S&P 500 index, the VanEck Vectors Gold Miners ETF 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 annual rate of 10% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date after six months.
The payout at maturity will be par unless either underlying asset closes below its 60% trigger level, in which case investors will be exposed to any losses of the worse performing index or fund.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | S&P 500, VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2 million
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| Maturity: | March 25, 2022
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| Coupon: | 10% annualized, payable quarterly if each index closes at or above its 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 40%, in which case 1% loss per 1% decline of worst performing index
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| Call option: | At par on any interest payment date beginning with the second observation date
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| Initial levels: | 2,754.88 for S&P, $22.22 for gold fund and $42.55 for oil fund
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| Trigger levels: | 1,656.69 for S&P, $13.33 for gold fund and $25.53 for oil fund, 60% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 27
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| Agent: | Barclays
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| Fees: | 2.95%
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| Cusip: | 06746XFR9
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