Published on 5/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.57 million callable contingent coupon notes on ETFs
By Sarah Lizee
Olympia, Wash., May 30 – Barclays Bank plc priced $1.57 million of callable contingent coupon notes due May 27, 2022 linked to the least performing of the iShares MSCI Emerging Markets ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 15% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
At Barclays’ option, the notes will be callable in whole at par on any coupon payment date.
If each ETF finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying ETFs: | iShares MSCI Emerging Markets ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,573,000
|
| Maturity: | May 27, 2022
|
| Contingent coupon: | 15% per year, payable semiannually if each ETF closes at or above coupon barrier level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing ETF
|
| Call option: | At par on any coupon payment date
|
| Initial levels: | $39.95 for EM ETF, $27.12 for oil ETF
|
| Coupon barriers: | $27.97 for EM ETF, $18.98 for oil ETF; 70% of initial levels
|
| Barrier levels: | $27.97 for EM ETF, $18.98 for oil ETF; 70% of initial levels
|
| Pricing date: | May 24
|
| Settlement date: | May 30
|
| Agent: | Barclays
|
| Fees: | 0.25%
|
| Cusip: | 06741WEY2
|
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