Published on 11/1/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.51 million callable contingent coupon notes on MSCI EAFE, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – Barclays Bank plc priced $3.51 million of callable contingent coupon notes due Oct. 31, 2028 linked to the least performing of the MSCI EAFE index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 7.5% if each index closes at or above its coupon barrier level, 70% 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 after one year.
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
|
| Underlying indexes: | MSCI EAFE, Russell 2000
|
| Amount: | $3,509,000
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| Maturity: | Oct. 31, 2028
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| Contingent coupon: | 7.5% per year, payable monthly 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 after one year
|
| Initial levels: | 1,785.3 for MSCI EAFE and 1,477.306 for Russell
|
| Coupon barriers: | 1,249.71 for MSCI EAFE and 1,034.114 for Russell; 70% of initial levels
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| Barrier values: | 892.65 for MSCI EAFE 738.653 and for Russell; 50% of initial levels
|
| Pricing date: | Oct. 29
|
| Settlement date: | Oct. 31
|
| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06746V206
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