Published on 7/14/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.4 million contingent income callable notes on three indexes
By Susanna Moon
Chicago, July 14 – Barclays Bank plc priced $5.4 million of contingent income callable securities due Jan. 3, 2020 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.75% if each index closes at or above its 75% coupon barrier on each day during that quarter.
The notes are callable at par on any quarterly determination date other than the final date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 65% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
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Amount: | $5,401,000
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Maturity: | Jan. 3, 2020
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Coupon: | 8.75% per year, payable quarterly if each index closes at or above 75% coupon barrier on each day during that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above 65% downside threshold, par; otherwise, full exposure to decline of worst performing index
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Call option: | At par on any quarterly determination date other than final date
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Initial levels: | 1,415.359 for Russell, 2,423.41 for S&P and 3,441.88 for Stoxx
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Coupon barriers: | 1,061.519 for Russell, 1,817.558 for S&P and 2,581.41 for Stoxx: 75% of initial levels
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Downside thresholds: | 919.983 for Russell, 1,575.217 for S&P and 2,237.222 for Stoxx: 65% of initial levels
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Pricing date: | June 30
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Settlement date: | July 6
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 1.75%
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Cusip: | 06741VZM7
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