Published on 4/19/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.77 million contingent income autocallables on indexes
By Marisa Wong
Morgantown, W.Va., April 19 – Barclays Bank plc priced $3.77 million of contingent income autocallable securities due April 19, 2018 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon each quarter at an annualized rate of 8.2% if each index closes at or above its 75% downside threshold level on the determination date for that quarter; otherwise, no coupon will be paid that quarter.
Following a six-month non-call period, the notes will be called if each index closes at or above its initial level on any quarterly early redemption determination date.
If the final level of each index is greater than or equal its downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worse performing index.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $3,771,800
|
| Maturity: | April 19, 2018
|
| Coupon: | Contingent coupon each quarter at 8.2% per year if each index closes at or above its downside threshold level on the determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of each index is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worse performing index
|
| Call: | After six months, automatically if each index closes at or above its initial level on any quarterly early redemption determination date
|
| Initial index levels: | 1,130.923 for S&P 500, 2,080.73 for Russell 2000
|
| Downside thresholds: | 848.192 for S&P 500, 1,560.548 for Russell 2000; 75% of initial levels
|
| Pricing date: | April 15
|
| Settlement date: | April 20
|
| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 2%
|
| Cusip: | 06744K624
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
