Published on 3/10/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $21.29 million trigger callable contingent yield notes on indexes
By Devika Patel
Knoxville, Tenn., March 10 – Barclays Bank plc priced $21.29 million of trigger callable contingent yield notes due March 16, 2020 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10.4% if each index’s closing level remains at or above its coupon barrier level, 65% of its initial level, on each day during that quarter.
The notes will be callable at par of $10 on any quarterly observation date other than the final one beginning June 8, 2017.
If the notes are not called and each index finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% decline of the least-performing index from its initial level.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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| Amount: | $21,286,000
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| Maturity: | March 16, 2020
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| Coupon: | 10.4% per year, payable quarterly if each index closes at or above its barrier level each day for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for every 1% decline of worst performing index from initial level
|
| Call option: | At par on any quarterly observation date other than the final one beginning June 8, 2017
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| Initial levels: | 1,366.039 for Russell, 2,362.98 for S&P, 3,389.62 for Stoxx
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| Coupon barrier/downside threshold: 887.925 for Russell, 1,535.94 for S&P, 2,203.25 for Stoxx; 65% of initial levels
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| Pricing date: | March 8
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| Settlement date: | March 15
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| Agents: | UBS Financial Services Inc. and Barclays Capital Inc.
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| Fees: | 1%
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| Cusip: | 06745T319
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