Published on 7/20/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $941,000 contingent coupon notes on S&P, Russell, Dow
By Marisa Wong
Morgantown, W.Va., July 20 – Barclays Bank plc priced $941,000 of callable contingent coupon notes due March 25, 2022 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 quarterly coupon at an annualized rate of 7.25% if each index closes at or above its coupon barrier level, 65% of its initial level, on the related quarterly observation date.
After one year, the notes will be callable in whole at par on any contingent coupon payment date prior to maturity.
If each index finishes at or above its 65% barrier 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
|
| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500, Russell 2000, Dow Jones industrial average
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| Amount: | $941,000
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| Maturity: | March 25, 2022
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| Contingent coupon: | 7.25% per year, payable quarterly if each index closes at or above coupon barrier on related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par on any contingent coupon payment date prior to maturity, beginning after one year
|
| Initial levels: | 2,718.37 for S&P, 1,643.07 for Russell, 24,271.41 for Dow
|
| Coupon barriers: | 1,766.94 for S&P, 1,068.00 for Russell, 15,776.42 for Dow; 65% of initial levels
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| Barrier levels: | 1,766.94 for S&P, 1,068.00 for Russell, 15,776.42 for Dow; 65% of initial levels
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| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Agent: | Barclays
|
| Fees: | 1.125%
|
| Cusip: | 06746XEQ2
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