Published on 5/23/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $13.59 million contingent income notes linked to indexes
By Angela McDaniels
Tacoma, Wash., May 23 – Barclays Bank plc priced $13.59 million of contingent income callable securities due Aug. 24, 2021 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 8.25% if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes are redeemable at par on any quarterly contingent payment date other than the final one.
The payout at maturity will be par unless the final level of any index is less than its downside threshold level, 60% of its initial level, in which case investors will be fully exposed to the decline of the worst-performing index.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
|
| Amount: | $13,594,000
|
| Maturity: | Aug. 24, 2021
|
| Coupon: | Each quarter, notes pay contingent coupon at an annual rate of 8.25% if each index closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold level, par; if final level of any index is less than downside threshold level, full exposure to decline of worst-performing index
|
| Call option: | At par on any quarterly contingent payment date other than final one
|
| Initial index levels: | 1,367.330 for Russell 2000, 2,381.73 for S&P 500 and 3,587.01 for Euro Stoxx 50
|
| Coupon barriers: | 957.131 for Russell 2000, 1,667.211 for S&P 500 and 2,510.907 for Euro Stoxx 50; 70% of initial levels
|
| Downside thresholds: | 820.398 for Russell 2000, 1,429.038 for S&P 500 and 2,152.206 for Euro Stoxx 50; 60% of initial levels
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06741VVR0
|
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