Published on 5/18/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million buffered callable contingent coupon notes on indexes
By Tali Rackner
Minneapolis, May 18 – Barclays Bank plc priced $1 million of buffered callable contingent coupon notes due Oct. 29, 2025 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 7% if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that period.
The notes will be callable in whole at par on any observation date.
If each index finishes at or above its barrier level, 80% 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 plus a buffer percentage of 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered callable contingent coupon notes
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1 million
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| Maturity: | Oct. 29, 2025
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| Contingent coupon: | 7% per year, payable each quarter that each index closes at or above coupon barrier level 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 plus 20%
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| Call option: | At par on any observation date
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| Initial index levels: | 2,634.56 for S&P, 1,553.28 for Russell
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| Coupon barrier levels: | 2,107.65 for S&P, 1,242.62 for Russell; 80% of initial levels
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| Barrier levels: | 2,107.65 for S&P, 1,242.62 for Russell; 80% of initial levels
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| Buffer percentage: | 20%
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| Pricing date: | April 24
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| Settlement date: | April 27
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06746X6P3
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