Published on 5/3/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.57 million 7.5% contingent income callables tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, May 3 – Barclays Bank plc priced $1.57 million of contingent income callable securities due Oct. 30, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 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 annual rate of 7.5% if each index closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any contingent payment date other than the final date.
The payout at maturity will be par unless any index finishes below its 65% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays Securities (USA) LLC is the underwriter with Morgan Stanley Wealth Management as the dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
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| Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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| Amount: | $1,573,000
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| Maturity: | Oct. 30, 2020
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| Coupon: | 7.5% annualized, payable quarterly if each index closes at or above 65% coupon barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call option: | At par on any contingent payment date other than the final date
|
| Initial levels: | 1,556.236 for Russell, 2,669.91 for S&P and 3,518.78 for Stoxx
|
| Downside thresholds: | 1,011.553 for Russell, 1,735.442 for S&P and 2,287.207 for Stoxx, 65% of initial levels
|
| Pricing date: | April 27
|
| Settlement date: | May 2
|
| Agent: | Barclays
|
| Fees: | 2.25%
|
| Cusip: | 06746X6N8
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