Published on 1/5/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.65 million contingent income callables on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Jan. 5 – Barclays Bank plc priced $3.65 million of contingent income callable securities due Dec. 31. 2027 linked to the least performing of the S&P 500 index and the Nasdaq-100 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 7.6% if each index closes at or above its 75% downside threshold on the determination date that quarter.
After six months, 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 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
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| Underlying indexes: | S&P 500 and Nasdaq-100
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| Amount: | $3.65 million
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| Maturity: | Dec. 31, 2027
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| Coupon: | 7.6% per year, payable quarterly if each index closes at or downside threshold on determination date that quarter
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| Price: | Par
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| 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 six months at par on any interest payment date other than final date
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| Initial levels: | 2,687.54 for S&P and 6,441.42 for Nasdaq-100
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| Coupon barriers: | 2,015.065 for S&P and 3,864.852 for Nasdaq-100; 75% of initial levels
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| Downside thresholds: | 1,612.524 for S&P and 1,797.425 for Nasdaq-100; 60% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Jan. 3
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| Agent: | Barclays
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 3.5%
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| Cusip: | 06744CPN5
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