Published on 6/2/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.16 million callable contingent coupon notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., June 2 – Barclays Bank plc priced $2.16 million of callable contingent coupon notes due June 3, 2022 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 7.5% if each index closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter.
Beginning in May 2018, the notes are callable at par on any interest payment date.
If each index finishes at or above its barrier level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the lesser-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: | S&P 500 and Russell 2000
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Amount: | $2,164,000
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Maturity: | June 3, 2022
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Contingent coupon: | 7.5% 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
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Payout at maturity: | If each index finishes at or above barrier level, par plus final coupon; otherwise, full exposure to losses of lesser-performing index
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Call option: | At par on any interest payment date beginning May 2018
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Initial index levels: | 2,411.80 for S&P 500 and 1,370.21 for Russell 2000
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Barrier levels: | 1,567.67 for S&P 500 and 890.64 for Russell 2000, or 65% of initial levels
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Pricing date: | May 31
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Settlement date: | June 5
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Agent: | Barclays
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Fees: | 0.75%%
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Cusip: | 06741VTL6
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