Published on 3/9/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.52 million callable contingent coupon notes on regional banking, oil funds
By Wendy Van Sickle
Columbus, Ohio, March 9 – Barclays Bank plc priced $1.52 million of callable contingent coupon notes due March 7, 2022 linked to the least performing index of the SPDR S&P Regional Banking ETF and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.45% per year if each ETF closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
The notes are callable at par plus any coupon on any contingent coupon payment date after one year.
The payout at maturity will be par plus the final contingent coupon, unless either ETF finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing ETF from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying ETFs: | SPDR S&P Regional Banking ETF, United States Oil Fund, LP
|
| Amount: | $1,523,000
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| Maturity: | March 7, 2022
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| Contingent coupon: | 9.45% per year, payable quarterly if each ETF closes at or above coupon barrier level on 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 contingent coupon payment date after one year
|
| Initial levels: | $62.56 for banking, $12.37 for oil
|
| Coupon barriers: | $37.54 for banking, $7.42 for oil, 60% of initial levels
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| Barrier levels: | $37.54 for banking, $7.42 for oil, 60% of initial levels
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| Pricing date: | March 2
|
| Settlement date: | March 7
|
| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06744CXL0
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