Published on 5/17/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $815,000 contingent coupon callables tied to biotech, oil funds
By Wendy Van Sickle
Columbus, Ohio, May 17 – Barclays Bank plc priced $815,000 of callable contingent coupon notes due May 17, 2022 linked to the least performing of the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that period.
The notes are callable at par on any interest payment date after six months.
The payout at maturity will be par unless either underlying asset closes below its 50% trigger level, in which case investors will be exposed to any losses of the worse performing fund.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $815,000
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| Maturity: | May 17, 2022
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| Coupon: | 11.5% annualized, payable quarterly if each index closes at or above its 50% coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either asset falls by more than 50%, in which case 1% loss per 1% decline of worse performing fund
|
| Call option: | At par on any interest payment date after six months
|
| Initial levels: | $81.77 for biotech fund and $29.47 for oil fund
|
| Coupon barriers: | $57.24 for biotech fund and $2063 for oil fund, 70% of initial levels
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| Trigger levels: | $40.89 for biotech fund and $14.74 for oil fund, 50% of initial levels
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| Pricing date: | May 14
|
| Settlement date: | May 17
|
| Agent: | Barclays
|
| Fees: | 2.9%
|
| Cusip: | 06741WEZ9
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