Published on 6/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $520,000 6% contingent coupon callables tied to Russell, S&P
By Susanna Moon
Chicago, June 27 – Barclays Bank plc priced $520,000 of callable contingent coupon notes due June 26, 2025 linked to the lesser performing of the Russell 2000 index and the S&P 500 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 6% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless either underlying asset closes below its 60% trigger level, in which case investors will be exposed to any losses of the worse 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: | Russell 2000 index and S&P 500
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Amount: | $520,000
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Maturity: | June 26, 2025
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Coupon: | 6% annualized, payable quarterly if each index closes at or above its 65% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index falls by more than 40%, in which case 1% loss per 1% decline of worse performing index
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Call option: | At par on any interest payment date beginning with fourth observation date
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Initial levels: | 1,681.97 for Russell and 2,761.15 for S&P
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Coupon barriers: | 1,093.28 for Russell and 1,794.75 for S&P; 65% of initial levels
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Trigger levels: | 1,009.18 for Russell and 1,656.69 for S&P; 60% of initial levels
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Pricing date: | June 22
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Settlement date: | June 27
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Agent: | Barclays
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Fees: | 4%
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Cusip: | 06746XF99
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