Published on 3/17/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.05 million contingent income callable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 17 – Barclays Bank plc priced $3.05 million of contingent income callable securities due Sept. 9, 2022 linked to the least performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 7.5% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date that quarter.
The notes are callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income callable securities
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| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
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| Amount: | $3.05 million
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| Maturity: | Sept. 9, 2022
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| Coupon: | 7.5% per year, payable quarterly if each index closes at or above its coupon barrier on the determination date that quarter
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
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| Call option: | Callable at par on any quarterly coupon payment date other than final one
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| Initial levels: | 1,449.221 for Russell, 2,972.37 for S&P, 3,232.07 for Stoxx
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| Coupon barriers: | 1,014.455 for Russell, 2,080.659 for S&P, 2,262.449 for Stoxx, or 70% of initial levels
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| Downside thresholds: | 869.533 for Russell, 1,783.422 for S&P, 1,939.242 for Stoxx, or 60% of initial levels
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| Pricing date: | March 6
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| Settlement date: | March 11
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.25%
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| Cusip: | 06747PHN2
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