Published on 7/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.97 million contingent income autocallables on three indexes
By Marisa Wong
Morgantown, W.Va., July 23 – Barclays Bank plc priced $1.97 million of contingent income autocallable securities due Jan. 4, 2021 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 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 8.75% if each index closes at or above its 75% downside threshold on every trading day for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination 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 autocallable securities
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| Underlying indexes: | Nasdaq-100, Russell 2000, S&P 500
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| Amount: | $1,965,000
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| Maturity: | Jan. 4, 2021
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| Coupon: | 8.75% 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: | Automatically at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date other than the final date
|
| Initial levels: | 7,040.802 for Nikkei, 1,643.069 for Russell, 2,718.37 for S&P
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| Downside thresholds: | 5,280.602 for Nikkei, 1,232.302 for Russell, 2,038.778 for S&P; 75% of initial levels
|
| Pricing date: | June 29
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| Settlement date: | July 5
|
| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 2.5%
|
| Cusip: | 06746XH22
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