Published on 10/22/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.08 million trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 22 – Barclays Bank plc priced $4.08 million of trigger callable contingent yield notes due Oct. 17, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date that quarter. The contingent coupon rate is 9.4% per year.
The notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its 60% downside threshold, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | S&P 500, Russell 2000 and MSCI EAFE
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Amount: | $4,078,000
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Maturity: | Oct. 17, 2023
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Coupon: | 9.4% per year, payable quarterly if each index closes at or above its coupon barrier on observation date that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par plus contingent coupon; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on each quarterly observation date other than final one
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Initial levels: | 1,546.679 for Russell, 1,850.76 for MSCI EAFE and 2,767.13 for S&P 500
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Coupon barriers: | 1,082.675 for Russell, 1,295.53 for MSCI EAFE and 1,936.99 for S&P 500; 70% of initial levels
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Downside thresholds: | 938.007 for Russell, 1,110.46 for MSCI EAFE and 1,660.28 for S&P 500; 60% of initial levels
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Pricing date: | Oct. 12
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Settlement date: | Oct. 17
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 2%
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Cusip: | 06746U133
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