Published on 5/23/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.14 million callable contingent coupon notes on S&P 500, oil ETF
By Marisa Wong
Morgantown, W.Va., May 23 – Barclays Bank plc priced $1.14 million of callable contingent coupon notes due April 29, 2022 linked to the least performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 10.25% if each underlying asset closes at or above its coupon barrier level, 60% of the initial value, on the related quarterly observation date.
The notes will be callable in whole at par on any contingent coupon payment date after six months.
If each asset finishes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1,137,000
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| Maturity: | April 29, 2022
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| Contingent coupon: | 10.25% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier value, par; otherwise, full exposure to decline of least-performing asset
|
| Call option: | At par on any contingent coupon payment date after six months
|
| Initial values: | 2,945.83 for index, $30.95 for ETF
|
| Coupon barriers: | 1,767.50 for index, $18.57 for ETF, 60% of initial values
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| Barrier values: | 1,767.50 for index, $18.57 for ETF, 60% of initial values
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| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Agent: | Barclays
|
| Fees: | 0.8%
|
| Cusip: | 06747ML20
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