Published on 12/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.75 million of callable contingent coupon notes linked to indexes
By Devika Patel
Knoxville, Tenn., Dec. 27 – Barclays Bank plc priced $1,748,000 of callable contingent coupon notes due Nov. 28, 2025 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 7% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that quarter.
The notes are callable at par on any coupon payment date other than the final date beginning on Nov. 27, 2019.
The payout at maturity will be par plus the coupon unless the final level of the least performing index is less than its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,748,000
|
| Maturity: | Nov. 28, 2025
|
| Contingent coupon: | 7% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus coupon unless final level of least performing index is less than barrier level, in which case 1% loss for each 1% decline of least performing index from initial level
|
| Call option: | At par on any coupon payment date other than the final date starting on Nov. 27, 2019
|
| Initial index levels: | 2,682.17 for S&P and 1,492.86 for Russell
|
| Coupon/barrier levels: | 1,609.30 for S&P and 895.72 for Russell; 60% of initial levels
|
| Pricing date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Agent: | Barclays
|
| Fees: | 4%
|
| Cusip: | 06746XX81
|
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