Published on 9/9/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.58 million contingent income callable notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 9 – Barclays Bank plc priced $3.58 million of contingent income callable securities due March 3, 2022 linked to the least performing of the Nikkei 225 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.65% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The notes are callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income callable securities
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| Underlying indexes: | Nikkei 225, S&P 500 and Euro Stoxx 50
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| Amount: | $3.58 million
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| Maturity: | March 3, 2022
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| Coupon: | 10.65% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
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| Call option: | Callable at par on any quarterly coupon payment date other than final one
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| Initial levels: | 20,704.37 for Nikkei, 3,426.76 for Stoxx, 2,926.46 for S&P
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| Coupon barrier levels: | 15,528.278 for Nikkei, 2,570.07 for Stoxx, 2,194.845 for S&P, or 75% of initial levels
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| Downside threshold levels: | 14,493.059 for Nikkei, 2,398.732 for Stoxx, 2,048.522 for S&P, or 70% of initial levels
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| Pricing date: | Aug. 30
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| Settlement date: | Sept. 5
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.25%
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| Cusip: | 06747NEF7
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