Published on 5/30/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.54 million step-up contingent payment notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., May 30 – Barclays Bank plc priced $2.54 million of step-up callable contingent payment notes due May 28, 2027 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon if each index closes at or above its coupon barrier level, 72.5% of its initial level, on the observation date for that quarter. The contingent coupon rate is 7% per year for the first 20 quarters and 15% per year for quarters 21 through 40.
Beginning in May 2018, the notes are callable at par on any interest payment date.
If each index finishes at or above its barrier level, 50% of its initial level, the payout at maturity will be par plus the final coupon, if any. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Step-up callable contingent payment notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $2,537,000
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Maturity: | May 28, 2027
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Contingent coupon: | Payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter; contingent coupon rate is 7% per year for first 20 quarters and 15% per year for quarters 21 through 40
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier level, par plus final coupon, if any; otherwise, full exposure to losses of lesser-performing index
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Call option: | At par on any interest payment date beginning May 2018
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Initial index levels: | 2,415.07 for S&P 500 and 1,383.39 for Russell 2000
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Coupon barriers: | 1,750.93 for S&P 500 and 1,002.96 for Russell 2000, or 72.5 of initial levels
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Barrier levels: | 1,207.54 for S&P 500 and 691.70 for Russell 2000, or 50% of initial levels
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Pricing date: | May 25
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Settlement date: | May 31
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Agent: | Barclays
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Fees: | 4.5%
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Cusip: | 06741VTZ5
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