Published on 2/6/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10.88 million 10.75% contingent income autocalls tied to indexes
By Susanna Moon
Chicago, Feb. 6 – Barclays Bank plc priced $10.88 million of contingent income autocallable securities due Jan. 31, 2028 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 10.75% if each index closes at or above its 75% coupon barrier on the determination date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly determination date after one year other than the final date.
The payout at maturity will be par plus the contingent coupon unless any index finishes below its 60% 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 autocallable securities
|
| Underlying indexes: | Russell 2000 index, the S&P 500 index and Euro Stoxx 50
|
| Amount: | $10.88 million
|
| Maturity: | Jan. 31, 2028
|
| Coupon: | 10.75% annualized, payable quarterly if each index closes at or above 75% coupon threshold on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above 60% downside threshold, par; otherwise, full exposure to decline of worst performing index
|
| Call option: | At par if each index closes at or above its initial level on any interest payment date other than final date beginning Jan. 31, 2019
|
| Initial levels: | 1,608.058 for Russell, 2,872.87 for S&P and 3,647.41 for Stoxx
|
| Coupon barriers: | 1,206.044 for Russell, 2,154.653 for S&P and 2,735.558 for Stoxx; 75% of initial levels
|
| Downside thresholds: | 964.835 for Russell, 1,723.722 for S&P and 2,188.446 for Stoxx; 60% of initial levels
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.15%
|
| Cusip: | 06744CT35
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
