Published on 4/26/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $815,000 of callable contingent coupon notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 26 – Barclays Bank plc priced $815,000 of callable contingent coupon notes due April 25, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 8% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 50% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are callable in whole but not in part at par on any quarterly observation date after April 2018.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000, S&P 500
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Amount: | $815,000
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Maturity: | April 25, 2024
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Coupon: | 8% annualized, per quarter that each index closes at or above coupon barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to any losses of worst performing index
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Call option: | At par on any observation date after April 2018
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Initial levels: | 2,348.69 for S&P, 1,379.85 for Russell
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Coupon barriers: | 1,644.08 for S&P, 965.90 for Russell; 70% of initial levels
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Barrier levels: | 1,174.35 for S&P, 689.93 for Russell; 50% of initial levels
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Pricing date: | April 21
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Settlement date: | April 26
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06741VSE3
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