Published on 7/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.92 million contingent income callable notes on three indexes
By Marisa Wong
Morgantown, W.Va., July 23 – Barclays Bank plc priced $5.92 million of contingent income callable securities due Jan. 4, 2021 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10.35% if each index closes at or above its 75% downside threshold on every trading day for that quarter.
The notes will be callable at par on any contingent coupon payment date other than the final date.
The payout at maturity will be par unless any index finishes below its downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
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| Underlying indexes: | Russell 2000, S&P 500, Euro Stoxx 50
|
| Amount: | $5,921,000
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| Maturity: | Jan. 4, 2021
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| Coupon: | 10.35% annualized, payable each quarter that each index closes at or above downside threshold on every trading day for 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 worst performing index
|
| Call option: | At par on any contingent coupon payment date other than the final date
|
| Initial levels: | 1,643.069 for Russell, 2,718.37 for S&P, 3,395.60 for Stoxx
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| Downside thresholds: | 1,232.302 for Russell, 2,038.778 for S&P, 2,546.700 for Stoxx; 75% of initial levels
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 2.25%
|
| Cusip: | 06746XG80
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