Published on 6/1/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.44 million callable contingent coupon notes on Russell, S&P
By Susanna Moon
Chicago, June 1 – Barclays Bank plc priced $3.44 million of callable contingent coupon notes due May 25, 2023 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 8.15% if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 65% barrier, in which case investors will lose 1% for each 1% decline of the worse performing index.
The notes are callable in whole but not in part at par on any quarterly observation date after one year.
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: | $3,437,000
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Maturity: | May 25, 2023
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Coupon: | 8.15% annualized, per quarter that each index closes at or above 65% coupon barrier 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 1% loss for each 1% decline of worse performing index
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Call option: | At par on any observation date beginning May 2018
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Initial levels: | 2,394.02 for S&P, 1,377.14 for Russell
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Barrier levels: | 1,556.11 for S&P, 895.14 for Russell; 65% of initial levels
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Pricing date: | May 22
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Settlement date: | May 25
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Agent: | Barclays
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Fees: | 0.7%
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Cusip: | 06741VV58
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