Published on 3/13/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.99 million 12% contingent income callables on indexes
By Susanna Moon
Chicago, March 13 – Barclays Bank plc priced $7.99 million of contingent income callable securities due Feb. 28, 2023 linked to the least performing of the Russell 2000 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 annual rate of 12% if each index closes at or above its 75% coupon barrier on each day during that quarter.
The notes are callable at par on any contingent payment date other than the final date.
The payout at maturity will be par unless either index finishes below its 75% downside threshold, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent with distribution through Morgan Stanley Wealth Management.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $7,989,000
|
| Maturity: | Feb. 28, 2023
|
| Coupon: | 12% annualized, payable quarterly if each index closes at or above 75% coupon barrier on each trading day during that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worse performing index
|
| Call option: | At par on any contingent payment date other than final date
|
| Initial levels: | 1,549.19 for Russell, 3,441.46 for Stoxx
|
| Downside thresholds: | 1,161.89 for Russell, 2,581.095 for Stoxx; 75% of initial levels
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 28
|
| Agent: | Barclays with Morgan Stanley Wealth Management as a distributor
|
| Fees: | 2.5%
|
| Cusip: | 06744CX71
|
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