Published on 10/5/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million contingent income callables on S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Oct. 5 – Barclays Bank plc priced $3 million of contingent income callable securities due Oct. 4, 2027 linked to the least performing of the S&P 500 index and the Euro Stoxx 50 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 8.35% if each index closes at or above its 75% coupon barrier on the determination date that quarter.
After one year, the notes will be callable at par on any quarterly determination date other than the final date.
The payout at maturity will be par plus the final coupon unless either index finishes below its 50% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | S&P 500 and Euro Stoxx 50
|
| Amount: | $2,999,000
|
| Maturity: | Oct. 4, 2027
|
| Coupon: | 8.35% per year, payable quarterly if each index closes at or above coupon barrier on determination date that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performing index
|
| Call option: | After one year at par on any interest payment date other than final date
|
| Initial levels: | 2,519.36 for S&P and 3,594.85 for Stoxx
|
| Coupon barriers: | 1,889.520 for S&P and 2,696.138 for Stoxx; 75% of initial levels
|
| Downside thresholds: | 1,259.680 for S&P and 1,797.425 for Stoxx; 50% of initial levels
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 4
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 3.5%
|
| Cusip: | 06744C5B3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
