Published on 2/24/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.25 million callable contingent coupon notes on financial, tech funds
By Susanna Moon
Chicago, Feb. 24 – Barclays Bank plc priced $5.25 million callable contingent coupon notes due Feb. 27, 2019 linked to the lesser performing of the Financial Select Sector SPDR fund and the Technology Select Sector SPDR 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 6.8% if each underlying fund closes at or above its 70% coupon barrier on the review date for that quarter.
The notes are callable at par on any contingent coupon payment date after one year.
The payout at maturity will be par plus the contingent coupon unless either underlying fund finishes below its 70% barrier level, in which investors will lose 1% for each 1% decline of the worse performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund
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| Amount: | $5.25 million
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| Maturity: | Feb. 27, 2019
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| Contingent coupon: | 6.8% per year, payable quarterly if each fund closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each fund finishes at or above barrier level, par; otherwise, full exposure to losses of worse performing fund
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| Call option: | At par on any interest payment date beginning in February 2018
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| Initial levels: | $24.61 for financial fund, $52.52 for tech fund
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| Barrier levels: | $17.23 for financial fund, $36.76 for tech fund; 70% of initial levels
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 27
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06741VL42
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