Published on 1/3/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.1 million callable contingent coupon notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Jan. 3 – Barclays Bank plc priced $2.1 million of callable contingent coupon notes due Dec. 30, 2021 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 7.75% if each index closes at or above its trigger, 60% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 60% trigger, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are callable at par on any interest payment date.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000, S&P 500
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Amount: | $2,104,000
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Maturity: | Dec. 30, 2021
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Coupon: | 7.75% annualized, payable each quarter that each index closes at or above trigger on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless either index finishes below trigger, in which case full exposure to loss of worse performing index
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Call option: | At par on any interest payment date
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Initial levels: | 2,268.88 for S&P 500 and 1,377.71 for Russell 2000
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Trigger levels: | 1,361.33 for S&P 500 and 826.63 for Russell 2000; 60% of initial levels
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Pricing date: | Dec. 27
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Settlement date: | Dec. 30
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06741VF23
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