Published on 11/30/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $12.63 million 9.85% contingent income callables on indexes
By Susanna Moon
Chicago, Nov. 30 – Barclays Bank plc priced $12.63 million of contingent income callable securities due Nov. 14, 2023 linked to the S&P 500 index, the Russell 2000 index and the MSCI EAFE index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.85% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable at par on any review date after six months.
The payout at maturity will be par unless any underlying index finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent income securities
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| Underlying indexes: | MSCI EAFE, S&P 500 and Russell 2000
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| Amount: | $12,632,000
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| Maturity: | Nov. 14, 2023
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| Coupon: | 9.85% annualized, payable quarterly if each index closes at or above 70% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If any index finishes at or above 60% downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any quarterly call date beginning Nov. 28, 2018
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| Initial levels: | 1,840.67 for MSCI EAFE, 2,781.01 for S&P and 1,549.493 for Russell
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| Coupon barriers: | 1,288.469 for MSCI EAFE, 1,946.707 for S&P and 1,084.645 for Russell, 70% of initial levels
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| Downside thresholds: | 1,104.402 for MSCI EAFE, 1,668.606 for S&P and 929.696 for Russell, 60% of initial levels
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 15
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| Agent: | Barclays
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| Fees: | 1.66%
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| Cusip: | 06746XY23
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