Published on 8/3/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.24 million step-up callable contingent pay notes tied to indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – Barclays Bank plc priced $3.24 million of step-up callable contingent payment notes due July 29, 2027 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 75% coupon barrier on the valuation date for that quarter. The coupon will be 9% for the first five years, stepping up to 14% in July 2022.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless either index finishes below the 50% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up callable contingent payment notes
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000
|
| Amount: | $3,241,000
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| Maturity: | July 29, 2027
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| Coupon: | 9% initially, stepping up to 14% in July 2022, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below 50% trigger, in which case 1% loss per 1% decline of worse performing index
|
| Call option: | At par plus any coupon on any interest payment date
|
| Initial levels: | 3,491.19 for Stoxx and 1,442.28 for Russell
|
| Coupon barriers: | 2,618.39 for Stoxx and 1,081.71 for Russell; 75% of initial levels
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| Trigger levels: | 1,745.60 for Stoxx and 721.14 for Russell; 50% of initial levels
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | Barclays
|
| Fees: | 4.375%
|
| Cusip: | 06744CAB7
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