Published on 12/26/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $450,000 of step-up callable contingent payment notes on indexes
By Devika Patel
Knoxville, Tenn., Dec. 26 – Barclays Bank plc priced $450,000 of step-up callable contingent payment notes due Dec. 26, 2028 linked to the lesser performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 70% coupon barrier on the valuation date for that quarter. The coupon will be 8% initially, stepping up to 10% in March 2024 and to 12% in March 2027.
The notes are callable in whole but not in part at par plus the contingent coupon, if any, on any interest payment date beginning on March 27.
The payout at maturity will be par unless either index finishes below the 60% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up callable contingent payment notes
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| Underlying indexes: | Russell 2000 and Nasdaq-100
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| Amount: | $450,000
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| Maturity: | Dec. 26, 2028
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| Coupon: | 8% initially, stepping up to 10% in March 2024 and to 12% in March 2027, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below trigger, in which case 1% loss per 1% decline of worse performing index
|
| Call option: | At par plus any coupon on any interest payment date beginning on March 27
|
| Initial index levels: | 1,326.0 for Russell 2000 and 6,243.20 for Nasdaq-100
|
| Coupon barrier levels: | 928.20 for Russell 2000 and 4,370.24 for Nasdaq-100; 70% of initial levels
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| Barrier levels: | 795.60 for Russell 2000 and 3,745.92 for Nasdaq-100; 60% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Agent: | Barclays
|
| Fees: | 4.5%
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| Cusip: | 06747M2P0
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