Published on 12/13/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.75 million callable contingent interest notes tied to indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Barclays Bank plc priced $1.75 million ofcallable contingent interest notes due Dec. 17, 2018 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 11.55% if each index closes at or above its trigger value, 75% of its initial level, on the review date for that quarter.
The notes will be callable in whole but not in part at par plus the contingent coupon on any interest payment date other than the final one.
If the notes have not been called, the payout at maturity will be par plus the final interest payment unless any index finishes below its trigger value, in which case investors will lose 1% for each 1% decline of the worst-performing index.
Barclays is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA will act as placement agents.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent interest notes
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| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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| Amount: | $1.75 million
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| Maturity: | Dec. 17, 2018
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| Coupon: | 11.55%, payable quarterly if each index closes at or above trigger value on review date for that quarter
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| Price: | Par
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| Call option: | At par quarterly on any coupon date other than final date
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| Payout at maturity: | Par plus final interest payment unless any index finishes below trigger value, in which 1% loss for each 1% decline of the worst-performing index
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| Initial levels: | 2,259.53 for S&P, 1,388.073 for Russell, 3,197.54 for Stoxx
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| Trigger values: | 1,694.65 for S&P, 1,041.055 for Russell, 2,398.16 for Stoxx; 75% of initial levels
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 16
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| Agent: | Barclays
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.5%
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| Cusip: | 06741VFC1
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