Published on 4/26/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10.27 million callable contingent coupon notes on S&P 500, oil & gas ETF
By Wendy Van Sickle
Columbus, Ohio, April 26 – Barclays Bank plc priced $10.27 million callable contingent coupon notes due April 22, 2020 linked to the lesser performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 8.6% per year if each underlying component closes at or above its barrier level, 60% of its initial level, on the observation date for that period.
The notes are callable in whole but not in part on any contingent coupon payment date.
The payout at maturity will be par plus the final contingent coupon unless either underlying component finishes below its 60% barrier level, in which investors will lose 1% for each 1% decline of the worst performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | S&P 500 index and SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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| Amount: | $10,269,000
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| Maturity: | April 22, 2020
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| Contingent coupon: | 8.6% per year, payable semiannually if each asset closes at or above barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier level, par; otherwise, full exposure to losses of worse performing asset
|
| Call option: | At par on any interest payment date
|
| Initial levels: | 2,348.69 for index and $35.211 for ETF
|
| Barrier levels: | 1,409.21 for index and $21.07 for ETF, 60% of initial levels
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| Pricing date: | April 21
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| Settlement date: | April 28
|
| Agent: | Barclays
|
| Fees: | 2.35%
|
| Cusip: | 06741VRD6
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