Published on 3/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.12 million callable contingent coupon notes tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, March 27 – Barclays Bank plc priced $1.12 million of callable contingent coupon notes due March 28, 2024 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that quarter.
The notes will be callable in whole at par on any quarterly redemption date after two years.
If each index finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-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, Dow Jones industrial average, Russell 2000
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| Amount: | $1.12 million
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| Maturity: | March 28, 2024
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| Contingent coupon: | 8.5% per year, payable each month that each index closes at or above coupon barrier level observation date that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing index
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| Call option: | At par on any quarterly redemption date after two years
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| Initial index levels: | 2,588.26 for S&P, 1,510.073 for Russell, 23,533.2 for Dow
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| Coupon barriers: | 1,811.78 for S&P, 1,057.06 for Russell, 16,473.24 for Dow; 70% of initial levels
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| Barrier levels: | 1,811.78 for S&P, 1,057.06 for Russell, 16,473.24 for Dow; 70% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 28
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06744CXK2
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