Published on 1/28/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.53 million 11.25% contingent coupon callables on S&P, oil fund
By Susanna Moon
Chicago, Jan. 28 – Barclays Bank plc priced $4.53 million of callable contingent coupon notes due Jan. 14, 2022 linked to the least performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 11.25% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that period.
The notes are callable at par on any interest payment date.
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 or fund.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $4,526,000
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Maturity: | Jan. 14, 2022
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Coupon: | 11.25% annualized, payable semiannually if each index closes at or above its 60% coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless either asset falls by more than 40%, in which case 1% loss per 1% decline of worse performing index or fund
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Call option: | At par on any interest payment date
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Initial levels: | 2,670.71 for S&P and $31.61 for oil fund
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Trigger levels: | 1,602.43 for S&P and $18.97 for oil fund, 60% of initial levels
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Pricing date: | Jan. 18
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Settlement date: | Jan. 25
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Agent: | Barclays
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Fees: | 0.65%
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Cusip: | 06747MA55
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