Published on 9/17/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.15 million 9.15% contingent income callables tied to three funds
By Susanna Moon
Chicago, Sept. 17 – Barclays Bank plc priced $7.15 million of contingent income callable securities due Sept. 6, 2023 linked to the least performing of the Financial Select Sector SPDR Fund, the Industrial Select Sector SPDR Fund and the Utilities 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 9.15% if each underlying fund closes at or above its 75% coupon barrier on each trading day during that quarter.
The notes are callable at par on any contingent payment date other than the final date.
The payout at maturity will be par unless any fund finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses of the worst performing fund.
Barclays Securities (USA) LLC is the underwriter with Morgan Stanley Wealth Management as the dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income callable securities
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| Underlying funds: | Financial Select Sector SPDR Fund, the Industrial Select Sector SPDR Fund and the Utilities Select Sector SPDR Fund
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| Amount: | $7,151,590
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| Maturity: | Sept. 6, 2023
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| Coupon: | 9.15% annualized, payable quarterly if each fund closes at or above 75% coupon barrier on each trading day for that quarter
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| Price: | Par
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| Payout at maturity: | If each fund finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing fund
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| Call option: | At par on any contingent payment date other than the final date beginning Feb. 28, 2019
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| Initial levels: | $28.33 for financial fund, $77.10 for industrial fund and $53.47 for utilities fund
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| Downside thresholds: | $21.248 for financial fund, $57.825 for industrial fund and $40.103 for utilities fund, 75% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 6
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06746U208
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