Published on 5/31/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $703,000 9% contingent coupon callables on three SPDRs
By Susanna Moon
Chicago, May 31 – Barclays Bank plc priced $703,000 of callable contingent coupon notes due Nov. 29, 2021 linked to the least performing of the Financial Select Sector SPDR Fund, the Energy Sector SPDR Fund and the Materials 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 9% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless any underlying asset closes below its 65% trigger level, in which case investors will be exposed to any losses of the worst performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying funds: | Financial Select Sector SPDR Fund, the Energy Sector SPDR Fund and the Materials Select Sector SPDR Fund
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| Amount: | $703,000
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| Maturity: | Nov. 29, 2021
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| Coupon: | 9% annualized, payable quarterly if each fund closes at or above its 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any fund falls by more than 35%, in which case 1% loss per 1% decline of worst performing fund
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| Call option: | At par on any interest payment date
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| Initial levels: | $28.16 for financial fund, $77.85 for energy fund and $59.54 for materials fund
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| Trigger levels: | $18.30 for financial fund, $50.60 for energy fund and $38.70 for materials fund; 65% of initial levels
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| Pricing date: | May 23
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| Settlement date: | May 29
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06746XCA9
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