Published on 10/13/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million fixed-coupon callable securities tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 13 – Barclays Bank plc priced $3.26 million of fixed-coupon callable securities due April 9, 2020 linked to the least-performing of the Nikkei 225 index, S&P 500 index and Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a fixed coupon at an annualized rate of 7%.
The notes will be callable at par on any coupon payment date other than the final one.
If each index finishes at or above its 75% downside threshold, the payout at maturity will be par plus the final coupon payment. Otherwise, investors will be fully exposed to the loss of the least performing index but will still receive the final coupon payment.
Barclays is the underwriter with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Fixed-coupon callable securities
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| Underlying indexes: | Nikkei 225 index, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $3 million
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| Maturity: | April 9, 2020
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| Coupon: | 7%, payable quarterly
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| Price: | Par of $1,000
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| Payout at maturity: | If each index finishes at or above its downside threshold, par plus the final coupon payment; otherwise, investors will be fully exposed to the loss of the least performing index but will still receive the final coupon payment
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| Call option: | At par on any coupon payment date other than final date
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| Initial levels: | 20,690.71 for Nikkei, 2,549.33 for S&P, 3,603.32 for Euro Stoxx
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| Downside thresholds: | 15,518.033, for Nikkei, 1,911.998 for S&P, 2,702.490 for Euro Stoxx, 75% of initial levels
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 12
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| Underwriter: | Barclays with Morgan Stanley Wealth Management as dealer
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| Fees: | 2%
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| Cusip: | 06744C7M7
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