Published on 11/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $23.97 million contingent income autocallables tied to Stoxx Banks, Financial Select
By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – Barclays Bank plc priced $23.97 million of contingent income autocallable securities due Nov. 3, 2022 linked to the least performing of the Financial Select Sector index and the Euro Stoxx Banks 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 10.85% if each index closes at or above its 75% coupon barrier on the determination date for that quarter.
The notes will be callable at par on any quarterly determination date after six months.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its 70% 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
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | Financial Select Sector and Euro Stoxx Banks
|
| Amount: | $23,974,000
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| Maturity: | Nov. 3, 2022
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| Coupon: | 10.85% per year, payable quarterly if each index closes at or above 75% coupon barrier on determination date that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performing index
|
| Call option: | At par on any interest payment date after six months
|
| Initial levels: | 327.01 for Financial Select, 135.64 for Euro Stoxx Banks
|
| Coupon barriers: | 245.258 for Financial Select, 101.73 for Euro Stoxx Banks; 75% of initial levels
|
| Downside thresholds: | 228.907 for Financial Select, 94.948 for Euro Stoxx Banks; 70% of initial levels
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| Pricing date: | Oct. 31
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| Settlement date: | Nov. 3
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 3%
|
| Cusip: | 06744CD57
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