Published on 3/16/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.9 million 8% contingent income callables tied to three indexes
By Susanna Moon
Chicago, March 15 – Barclays Bank plc priced $6.9 million of contingent income callable securities due March 4, 2020 linked to the least performing of the S&P 500 index, 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 8% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable at par on any review date after six months.
The payout at maturity will be par unless any index finishes below its 65% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays Securities (USA) LLC is the underwriter with Morgan Stanley Wealth Management as the dealer.
| Issuer: | Barclays Bank plc
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| 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: | $6,901,000
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| Maturity: | March 4, 2020
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| Coupon: | 8% annualized, payable quarterly if each index closes at or above 70% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any quarterly call date beginning Aug. 31, 2018
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| Initial levels: | 1,512.446 for Russell, 2,713.83 for S&P and 3,438.96 for Stoxx
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| Coupon barriers: | 1,058.7122 for Russell, 1,899.681 for S&P and 2,407.272 for Stoxx, 70% of initial levels
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| Downside thresholds: | 983.09 for Russell, 1,763.99 for S&P and 2,235.324 for Stoxx, 65% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 5
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06744CXN6
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