By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – Barclays Bank plc priced $5.43 million of callable contingent coupon notes due Jan. 22, 2021 linked to the SPDR S&P Oil & Gas Exploration & Production ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a contingent coupon at an annual rate of 7% if each asset closes at or above 60% of its initial level on the observation date that period.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par plus the final coupon unless either asset declines by more than 40%, in which case investors will lose 1% for every 1% that the lesser-performing asset declines from its initial level.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and S&P 500 index
|
| Amount: | $5,431,000
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| Maturity: | Jan. 22, 2021
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| Coupon: | 7% per year, payable each six months that each asset closes at or above 60% of initial level on observation date that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless either asset declines by more than 40%, in which case 1% loss for every 1% that lesser-performing asset declines from initial level
|
| Call option: | At par on any coupon payment date after one year
|
| Initial levels: | 2,810.30 for S&P and $38.72 for ETF
|
| Coupon barrier/barriers: | 1,686.18 for S&P and $23.23 for ETF; 60% of initial levels
|
| Pricing date: | Jan. 19
|
| Settlement date: | Jan. 26
|
| Underwriter: | Barclays
|
| Fees: | 2.8%
|
| Cusip: | 06744CQX2
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