Published on 12/18/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.14 million trigger callable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., Dec. 18 – Barclays Bank plc priced $3.14 million of trigger callable contingent yield notes due Dec. 19, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date that quarter. The contingent coupon rate is 9.85% per year.
The notes are callable at par of $10 on each quarterly observation date other than the final one after one year.
If the notes are not called and each index finishes at or above its 60% downside threshold, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | S&P 500, Russell 2000 and MSCI EAFE
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Amount: | $3.14 million
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Maturity: | Dec. 19, 2023
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Coupon: | 9.85% per year, payable quarterly if each index closes at or above its coupon barrier on observation date that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on each quarterly observation date other than final one after one year
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Initial levels: | 1,410.813 for Russell, 1,752.74 for MSCI EAFE and 2,599.95 for S&P 500
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Coupon barriers: | 987.569 for Russell, 1,226.92 for MSCI EAFE and 1,819.97 for S&P 500; 70% of initial levels
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Downside thresholds: | 846.488 for Russell, 1,051.64 for MSCI EAFE and 1,559.97 for S&P 500; 60% of initial levels
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Pricing date: | Dec. 14
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Settlement date: | Dec. 19
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 1.75%
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Cusip: | 06746V255
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