Published on 9/30/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $681,000 callable contingent coupon notes on gold fund
By Susanna Moon
Chicago, Sept. 30 – Barclays Bank plc priced $681,000 of callable contingent coupon notes due Sept. 30, 2019 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.125% if the fund closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be callable at par on any contingent coupon payment date.
The payout at maturity will be par unless the fund finishes below its 60% barrier level, in which case investors will be fully exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying fund: | VanEck Vectors Gold Miners ETF
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| Amount: | $681,000
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| Maturity: | Sept. 30, 2019
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| Contingent coupon: | 10.125% per year, payable quarterly if fund closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless fund finishes below its barrier, in which case full exposure to any losses
|
| Call option: | At par on any interest payment date
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| Initial level: | $26.28
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| Barrier level: | $15.77, 60% of initial level
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| Agent: | Barclays
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| Pricing date: | Sept. 27
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| Settlement date: | Sept. 30
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.25%
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| Cusip: | 06741VAM4
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