Published on 7/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $12.38 million contingent income callable notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, July 27 – Barclays Bank plc priced $12.38 million of contingent income callable securities due July 22, 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 9% if each index closes at or above its 75% coupon barrier 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 65% 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
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| Amount: | $12,375,000
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| Maturity: | July 22, 2021
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| Coupon: | 9% annualized, payable each quarter that each index closes at or above coupon barrier 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: | 1,701.311 for Russell, 2,804.49 for S&P, 3,471.64 for Stoxx
|
| Coupon barriers: | 1,275.983 for Russell, 2,210.368 for S&P, 2,603.73 for Stoxx; 75% of initial levels
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| Downside thresholds: | 1,105.852 for Russell, 1,822.919 for S&P, 2,156.566 for Stoxx; 65% of initial levels
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| Pricing date: | July 19
|
| Settlement date: | July 24
|
| Agent: | Barclays with Morgan Stanley Wealth Management handling distribution
|
| Fees: | 2.25%
|
| Cusip: | 06746XJG9
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