Published on 5/4/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $12.83 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 4 – Barclays Bank plc priced $12.83 million of trigger callable contingent yield notes with daily coupon observation due May 6, 2020 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 8.25% if each index’s closing level is at least 70% of its initial level on each day during the quarter.
The notes will be callable in whole but not in part on any quarterly observation end date other than the final one at par of $10 plus any coupon.
If the notes are not called and each index finishes at or above its 55% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger callable contingent yield notes with daily coupon observation
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50
|
| Amount: | $13.38 million
|
| Maturity: | May 6, 2020
|
| Coupon: | 8.25% per year, payable quarterly if each index closes at or above its coupon barrier level each day that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless any index finishes below trigger level, in which case 1% loss for each 1% decline of worst performing index
|
| Call option: | At par plus any coupon on any quarterly observation end other than final date
|
| Initial levels: | 2,384.20 for S&P, 1,400.428 for Russell, 3,559.59 for Euro Stoxx
|
| Coupon barriers: | 1,668.94 for S&P, 980.300 for Russell, 2,491.71 for Euro Stoxx; 70% of initial levels
|
| Triggers: | 1,311.31 for S&P, 770.235 for Russell, 1,957.77 for Euro Stoxx; 55% of initial levels
|
| Pricing date: | April 28
|
| Settlement date: | May 8
|
| Agents: | UBS Financial Services Inc. and Barclays Capital Inc.
|
| Fees: | 1%
|
| Cusip: | 06746J310
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
