Published on 3/27/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 callable contingent coupon notes on Stoxx Banks, Russell
By Sarah Lizee
Olympia, Wash., March 27 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due March 27, 2029 linked to the lesser performing of the Euro Stoxx Banks index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 11% if each index closes at or above its coupon barrier level, 60% of its initial level, on the related monthly observation date.
After three months, the notes will be callable in whole at par plus any coupon on any coupon payment date prior to maturity.
The payout at maturity will be par plus the final contingent coupon unless any index finishes below its barrier level, 60% of its initial level, in which case investors will lose 1% for each 1% decline of the lesser performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Euro Stoxx Banks, Russell 2000
|
| Amount: | $500,000
|
| Maturity: | March 27, 2029
|
| Contingent coupon: | 11% per year, payable monthly if each index closes at or above coupon barrier level on related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final contingent coupon unless any index finishes below its barrier level, 60% of its initial level, in which case investors will lose 1% for each 1% decline of the lesser performing index from its initial level
|
| Call option: | At par plus any coupon on any coupon payment date prior to maturity after three months
|
| Initial levels: | 92.41 for Stoxx Banks and 1,505.92 for Russell
|
| Barrier levels: | 55.45 for Stoxx Banks and 903.55 for Russell; 60% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 27
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06747MK47
|
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