Published on 8/1/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.11 million five-year callable contingent coupon notes tied to indexes
By Susanna Moon
Chicago, Aug. 1 – Barclays Bank plc priced $3.11 million of callable contingent coupon notes due July 29, 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.
The notes will pay a contingent quarterly coupon at an annualized rate of 6.35% if each index closes above the 70% barrier on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date after one year.
The payout at maturity will be par unless either index finishes below the 70% 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
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $3,111,000
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Maturity: | July 29, 2022
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Coupon: | 6.35%, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below barrier, in which case 1% loss per 1% decline of worse performing index
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Call option: | At par plus any coupon on any interest payment date beginning July 2018
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Initial levels: | 2,477.83 for S&P and 1,442.28 for Russell
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Barrier levels: | 1,734.48 for S&P and 1,009.60 for Russell; 70% of initial levels
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | Barclays
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Fees: | 4.125%
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Cusip: | 06741VZY1
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