Published on 9/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.57 million callable contingent coupon notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 6 – Barclays Bank plc priced $1.57 million of callable contingent coupon notes due Aug. 31, 2027 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8% if each index closes at or above its coupon barrier level, 62.5% of its initial level, on the observation date for that quarter.
The notes are callable at par on any contingent coupon payment date after one year.
The payout at maturity will be par plus the final coupon unless the final level of the least performing index is less than its 62.5% barrier level, in which case investors will lose 1% for each 1% decline of the least performing index from its initial level.
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 and Euro Stoxx 50
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| Amount: | $1,565,000
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| Maturity: | Aug. 31, 2027
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| Contingent coupon: | 8% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $1,000
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| Payout at maturity: | Par plus final coupon unless final level of least performing index is less than barrier level, in which case 1% loss for each 1% decline of least performing index from initial level
|
| Call option: | At par plus any coupon on any contingent coupon payment date after one year
|
| Initial index levels: | 2,444.24 for S&P, 1,382.23 for Russell and 3,421.03 for Stoxx
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| Coupon barrier levels: | 1,527.65 for S&P, 863.89 for Russell and 2,138.14 for Stoxx; 62.5% of initial levels
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| Barrier levels: | 1,527.65 for S&P, 863.89 for Russell and 2,138.14 for Stoxx; 62.5% of initial levels
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| Pricing date: | Aug. 28
|
| Settlement date: | Aug. 31
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| Agent: | Barclays
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| Fees: | 4.5%
|
| Cusip: | 06744CER8
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