Published on 10/30/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 9.65% contingent coupon callables tied to three indexes
By Susanna Moon
Chicago, Oct. 30 – Barclays Bank plc priced $2 million of callable contingent coupon notes due Oct. 28, 2027 linked to the least performing of the S&P 500 index, the Euro Stoxx 50 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 9.65% if each index closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless any index finishes below its 65% barrier level, in which case investors will be fully exposed to the decline of the worst 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 index, Euro Stoxx 50 index, Russell 2000 index
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Amount: | $2 million
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Maturity: | Oct. 28, 2027
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Contingent coupon: | 9.65% per year, payable quarterly if each index closes at or above 65% coupon barrier 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; otherwise, full exposure to losses of worst performing index
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Call option: | At par on any interest payment date after one year
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Initial levels: | 2,569.13 for S&P, 1,500.42 for Russell, 3,610.69 for stoxx
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Trigger levels: | 1,669.93 for S&P, 975.27 for Russell, 2,346.95 for stoxx; 65% of initial levels
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Pricing date: | Oct. 25
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Settlement date: | Oct. 30
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Agent: | Barclays
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Fees: | 1.05%
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Cusip: | 06744CJ28
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