Published on 10/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.52 million callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 23 – Barclays Bank plc priced $2.52 million of callable contingent coupon notes due Oct. 19, 2023 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 7.85% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
At Barclays’ option, the notes will be callable in whole at par on any coupon payment date.
If each index finishes at or above its barrier level, 50% 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.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000, S&P 500, Dow Jones industrial average
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| Amount: | $2,515,000
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| Maturity: | Oct. 19, 2023
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| Contingent coupon: | 7.85% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par on any coupon payment date
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| Initial levels: | 1,596.84 for Russell, 2,809.92 for S&P, 25,798.42 for Dow
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| Coupon barriers: | 958.1 for Russell, 1,685.95 for S&P, 15,479.05 for Dow, 60% of initial levels
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| Barrier levels: | 798.42 for Russell, 1,404.96 for S&P, 12,899.21 for Dow, 50% of initial levels
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| Pricing date: | Oct. 16
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| Settlement date: | Oct. 19
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| Agent: | Barclays
|
| Fees: | 0.6%
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| Cusip: | 06746XUN1
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