Published on 6/16/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $8.22 million contingent income callable notes tied to S&P 500
By Susanna Moon
Chicago, June 16 – Barclays Bank plc priced $8.22 million of contingent income callable securities due June 3, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 7.2% if the index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes are callable at par on any quarterly determination date other than the final date after one year.
The payout at maturity will be par plus the final coupon unless the index finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying index: | S&P 500
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Amount: | $8,218,000
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Maturity: | June 3, 2027
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Coupon: | 7.2% per year, payable quarterly if index closes at or above coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | If index finishes at or above downside threshold, par; otherwise, full exposure to andy decline
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Call option: | At par on any quarterly determination date other than final date beginning June 5, 2018
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Initial level: | 2,411.80
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Coupon barrier: | 1,808.85, 75% of initial level
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Downside threshold: | 1,447.08, 60% of initial level
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Pricing date: | May 31
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Settlement date: | June 5
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 3%
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Cusip: | 06741VVP4
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