Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $943,000 callable contingent coupon notes on Russell, Stoxx
By Sarah Lizee
Olympia, Wash., June 3 – Barclays Bank plc priced $943,000 of callable contingent coupon notes due May 31, 2029 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 8.5% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
After one year, the notes are callable at par on any interest payment date.
If each index finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $943,000
|
| Maturity: | May 31, 2029
|
| Contingent coupon: | 8.5% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of lesser-performing index
|
| Call option: | After one year, at par on any interest payment date
|
| Initial levels: | 1,489.95 for Russell, 3,297.81 for Stoxx
|
| Coupon barriers: | 1,117.46 for Russell, 2,473.36 for Stoxx; 75% of initial levels
|
| Barrier levels: | 893.97 for Russell, 1,978.69 for Stoxx; 60% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Agent: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06747MTM8
|
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