Published on 4/21/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.28 million callable contingent coupon notes on three indexes
By Devika Patel
Knoxville, Tenn., April 21 – Barclays Bank plc priced $2.28 million of callable contingent coupon notes due April 24, 2024 linked to the least 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 pay a coupon at an annualized rate of 9.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par on any coupon payment date beginning in April 2018.
The payout at maturity will be par unless the final level of the least performing index is less than its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least performing index.
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 and Euro Stoxx 50
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Amount: | $2,275,000
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Maturity: | April 24, 2024
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Contingent coupon: | 9.5% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par unless final level of least performing index is less than barrier level, in which case 1% loss for each 1% decline of least performing index
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Call option: | At par on any coupon payment date beginning in April 2018
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Initial index levels: | 1,367.13 for Russell, 2,338.17 for S&P and 3,420.99 for Stoxx
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Coupon barrier levels: | 956.99 for Russell, 1,636.72 for S&P and 2,394.69 for Stoxx; 70% of initial levels
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Barrier levels: | 820.28 for Russell, 1,402.90 for S&P and 2,052.59 for Stoxx; 60% of initial levels
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Pricing date: | April 19
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Settlement date: | April 24
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06741VS29
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