Published on 8/3/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 contingent coupon callables tied to indexes
By Susanna Moon
Chicago, Aug. 3 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due July 30, 2021 linked to the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 6% if each index closes above the 60% coupon barrier on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date after six months.
The payout at maturity will be par unless any index finishes below the 60% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $500,000
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Maturity: | July 30, 2021
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Coupon: | 6%, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier, in which case 1% loss per 1% decline of worst performing index
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Call option: | At par on any coupon payment date beginning in July 2018
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Initial levels: | 2,475.42 for S&P, 1,433.624 for Russell, 21,796.55 for Dow
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Barrier levels: | 1,485.25 for S&P, 860.17 for Russell, 13,077.93 for Dow; 60% of initial levels
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Pricing date: | July 27
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Settlement date: | Aug. 1
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Agent: | Barclays
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Fees: | 0.7%
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Cusip: | 06744CDD0
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