Published on 1/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $660,000 callable contingent coupon notes tied to indexes
By Tali Rackner
Minneapolis, Jan. 2 – Barclays Bank plc priced $660,000 of callable contingent coupon notes due Dec. 28, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a semiannual coupon at an annualized rate of 7.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes are callable at par on any interest payment date.
If each index finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-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 and Dow Jones industrial average
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Amount: | $660,000
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Maturity: | Dec. 28, 2023
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Contingent coupon: | 7.5% per year, payable semiannually if each index closes at or above coupon barrier level on observation date for that period
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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 least-performing index
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Call option: | At par on any interest payment date
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Initial index levels: | 2,683.34 for S&P, 1,542.93 for Russell and 24,754.06 for Dow
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Barrier levels: | 1,878.34 for S&P, 1,080.05 for Russell and 17,327.84 for Dow; 70% of initial levels
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Pricing date: | Dec. 22
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Settlement date: | Dec. 28
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Agent: | Barclays
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Fees: | 0.5%
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Cusip: | 06744CPZ8
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