Published on 1/18/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $11.45 million of contingent income callables tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 18 – Barclays Bank plc priced $11.45 million of contingent income callable securities due July 16, 2020 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.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.85% if each index closes at or above its 75% downside threshold on the determination date that quarter.
The notes will be callable at par on any quarterly determination date other than the final date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 75% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
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| Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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| Amount: | $11,448,000
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| Maturity: | July 16, 2020
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| Coupon: | 9.85% annualized, payable quarterly if each index closes at or above downside threshold on determination date that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performing index
|
| Call option: | At par on any interest payment date other than final date
|
| Initial levels: | 1,591.172 for Russell, 2,786.24 for S&P and 3,612.61 for Stoxx
|
| Downside thresholds: | 1,193.979 for Russell, 2,089.680 for S&P and 2,709.458 for Stoxx; 75% of initial levels
|
| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.25%
|
| Cusip: | 06744CS51
|
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