Published on 7/10/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $129,000 of step-up callable contingent payment notes on indexes
By Devika Patel
Knoxville, Tenn., July 10 – Barclays Bank plc priced $129,000 of step-up callable contingent payment notes due June 30, 2027 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.
The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 72.5% coupon barrier on the valuation date for that quarter. The coupon will be 7% initially, stepping up to 14% after June 2022.
The notes are callable in whole but not in part at par plus the contingent coupon, if any, on any interest payment date beginning June 27, 2018.
The payout at maturity will be par unless either index finishes below the 50% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up callable contingent payment notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $129,000
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| Maturity: | June 30, 2027
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| Coupon: | 7% initially, stepping up to 14% after June 2022, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier, in which case 1% loss per 1% decline of worse performing index
|
| Call option: | At par plus any coupon on any interest payment date beginning June 27, 2018
|
| Initial levels: | 2,419.38 for S&P and 1,403.52 for Russell
|
| Coupon barriers: | 1,754.05 for S&P and 1,017.55 for Russell; 72.5% of initial levels
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| Barrier levels: | 1,209.69 for S&P and 701.76 for Russell; 50% of initial levels
|
| Pricing date: | June 27
|
| Settlement date: | June 30
|
| Agent: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06741VY22
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