Published on 4/25/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million contingent coupon callable notes on index, fund
By Susanna Moon
Chicago, April 25 – Barclays Bank plc priced $3 million of callable contingent coupon notes due April 26, 2021 linked to the lesser of the Euro Stoxx 50 index and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.5% if each component closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date beginning in October 2017.
The payout at maturity will be par unless either component finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing component.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | Euro Stoxx 50, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $3 million
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| Maturity: | April 26, 2021
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| Contingent coupon: | 10.5% per year, payable quarterly if each underlying asset closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either component finishes below its 60% barrier, in which case 1% loss for each 1% decline of worse performing asset
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| Call option: | At par on any coupon payment date beginning in October 2017
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| Initial levels: | 3,440.27 for Stoxx, $35.11 for oil fund
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| Barrier levels: | 2,064.16 for Stoxx, $21.07 for oil fund; 60% of initial levels
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| Pricing date: | April 21
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| Settlement date: | April 28
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| Agent: | Barclays
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| Fees: | 1.9%
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| Cusip: | 06741VS60
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