Published on 10/30/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $618,000 of 8.1% contingent coupon callables tied to indexes, fund
By Susanna Moon
Chicago, Oct. 30 – Barclays Bank plc priced $618,000 of callable contingent coupon notes due Oct. 28, 2027 linked to the least performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.1% if each underlying component closes at or above its 70% 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 component finishes below its initial level and ever closes below its 70% barrier level during the life of the notes, in which case investors will be fully exposed to the decline of the worst performing index or fund.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index, Russell 2000 index, iShares MSCI Emerging Markets ETF
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Amount: | $618,000
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Maturity: | Oct. 30, 2019
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Contingent coupon: | 8.1% per year, payable quarterly if each component 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: | If each component finishes at or above initial level and never closes below barrier level, par; otherwise, full exposure to losses of worst performing index or fund
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Call option: | At par on any interest payment date after one year
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Initial levels: | 2,557.15 for S&P, 1,493.48 for Russell, $45.79 for fund
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Trigger levels: | 1,790.01 for S&P, 1,045.44 for Russell, $32.05 for fund; 70% 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: | 2.7%
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Cusip: | 06744CD24
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