Published on 3/14/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.3 million contingent income callable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 14 – Barclays Bank plc priced $7.3 million of contingent income callable securities due March 14, 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 8.12% if each index closes at or above its downside threshold level, 65% 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 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: | $7,295,000
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| Maturity: | March 14, 2019
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| Coupon: | 8.12% per year, payable quarterly if each index closes at or above its downside threshold leveon each day during that quarter
|
| Price: | Par
|
| 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 levels: | 1,365.265 for Russell 2000, 2,372.60 for S&P 500 and 3,416.27 for Euro Stoxx 50
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| Downside thresholds: | 887.422 for Russell 2000, 1,542.190 for S&P 500 and 2,220.576 for Euro Stoxx 50; 65% of initial levels
|
| Pricing date: | March 10
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| Settlement date: | March 15
|
| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06741VNP3
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