Published on 2/22/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $12.71 million contingent income callable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – Barclays Bank plc priced $12.71 million of contingent income callable securities due Aug. 22, 2019 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 9% if each index closes at or above its coupon barrier, 70% of its initial index level, on each day during that quarter.
The notes are callable at par on any quarterly determination date other than the final one.
If each index finishes at or above its 60% downside threshold level, the payout at maturity will be par plus the final contingent coupon, if any. If the final level of any index is less than its downside threshold level, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
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| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
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| Amount: | $12,714,000
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| Maturity: | Aug. 22, 2019
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| Coupon: | 9% per year, payable quarterly if each index closes at or above its coupon barrier on each day during that quarter
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par; if final level of any index is less than downside threshold level, full exposure to decline of least-performing index
|
| Call option: | At par on any quarterly determination date other than final one
|
| Initial index levels: | 3,308.81 for Stoxx, 2,351.16 for S&P, 1,399.862 for Russell
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| Coupon barriers: | 2,316.167 for Stoxx, 1,645.812 for S&P, 979.903 for Russell; 70% of initial levels
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| Downside thresholds: | 1,985.286 for Stoxx, 1,410.696 for S&P, 839.917 for Russell; 60% of initial index levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
|
| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06741VKQ4
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