Published on 8/28/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million trigger callable contingent yield notes linked to three indexes
By Tali Rackner
Minneapolis, Aug. 28 – Barclays Bank plc priced $3 million of trigger callable contingent yield notes due July 1, 2019 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon if each index’s closing level is at or above its coupon barrier, 64.55% of its initial level, on the observation date that quarter. The contingent coupon rate is 5.5% per year.
Beginning Aug. 24, 2018, the notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 64.55% of its initial 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 are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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| Amount: | $3 million
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| Maturity: | July 1, 2019
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| Coupon: | 5.5% per year, payable quarterly if each index closes at or above its coupon barrier on observation date that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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| Call option: | Beginning Aug. 24, 2018 at par on each quarterly observation date other than final one
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| Initial index levels: | 1,373.875 for Russell 2000, 2,438.97 for S&P 500 and 3,444.73 for Euro Stoxx 50
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| Barrier/downside thresholds: | 886.836 for Russell 2000, 1,574.36 for S&P 500 and 2,223.57 for Euro Stoxx 50; 64.55% of initial levels
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 31
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| Agents: | UBS Financial Services Inc. and Barclays
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| Fees: | 1.25%
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| Cusip: | 06746L232
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