Published on 5/16/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $23.88 million market-linked step-up notes on Hang Seng China
By Marisa Wong
Morgantown, W.Va., May 16 – Barclays Bank plc priced $23.88 million of 0% market-linked step-up notes due May 31, 2019 linked to the Hang Seng China Enterprises index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is 123% of the initial index level.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment of 23%.
If the final index level is less than the initial level, investors will have one-to-one exposure to the decline.
BofA Merrill Lynch is the agent.
Issuer: | Barclays Bank plc
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Issue: | Market-linked step-up notes
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Underlying index: | Hang Seng China Enterprises
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Amount: | $23,879,000
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Maturity: | May 31, 2019
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 23%; if final index level is less than initial level, one-to-one exposure to decline
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Initial index level: | 10,282.65
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Step-up value: | 12,647.66, 123% of initial level
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Pricing date: | May 12
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Settlement date: | May 19
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 06746J385
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