Published on 3/21/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.09 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 21 – Barclays Bank plc priced $7.09 million of trigger callable contingent yield notes due March 23, 2020 linked to the worst performing of the Russell 2000 index, the S&P 500 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 9.2% if each index’s closing level remains at or above its coupon barrier level, 65% of its initial level, on each day during that quarter.
The notes will be callable at par of $10 on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold level, 55% of its initial level, the payout at maturity will be par plus the contingent coupon, if any. Otherwise, investors will lose 1% for every 1% decline of the least-performing index from its initial level.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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| Amount: | $7,093,000
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| Maturity: | March 23, 2020
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| Coupon: | 9.2% per year, payable quarterly if each index closes at or above its barrier level each day for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus coupon, if any, unless any index finishes below downside threshold, in which case 1% loss for every 1% decline of worst performing index from initial level
|
| Call option: | At par on any quarterly observation date other than the final one
|
| Initial levels: | 1,386.029 for Russell, 2,381.38 for S&P, 3,439.96 for Stoxx
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| Coupon barrier: | 900.919 for Russell, 1,547.90 for S&P, 2,235.97 for Stoxx; 65% of initial levels
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| Downside threshold: | 762.316 for Russell, 1,309.76 for S&P, 1,891.98 for Stoxx; 55% of initial levels
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| Pricing date: | March 17
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| Settlement date: | March 23
|
| Agents: | UBS Financial Services Inc. and Barclays
|
| Fees: | 0.9%
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| Cusip: | 06745T178
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