Published on 4/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.07 million contingent income callable notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., April 2 – Barclays Bank plc priced $7.07 million of contingent income callable securities due April 4, 2029 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 7.05% per year if the index closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that quarter.
Beginning Oct. 3, 2019, the notes will be callable at par on any quarterly coupon payment date other than the final one.
If the index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par. If the final index level is less than the downside threshold level, investors will be fully exposed to the index’s decline from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying index: | S&P 500
|
| Amount: | $7,072,000
|
| Maturity: | April 4, 2029
|
| Coupon: | 7.05% per year, payable quarterly if index closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If index finishes at or above downside threshold level, par; if final index level is less than downside threshold level, full exposure to index’s decline from initial level
|
| Call option: | Beginning Oct. 3, 2019, notes will be callable at par on any quarterly coupon payment date other than final one
|
| Initial level: | 2,834.40
|
| Coupon barrier: | 2,125.80, 75% of initial level
|
| Downside threshold: | 1,700.64, 60% of initial level
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 3.5%
|
| Cusip: | 06747MGG5
|
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