Published on 12/11/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.5 million trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 11 – Barclays Bank plc priced $7.5 million of trigger callable contingent yield notes due Dec. 7, 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 9.86% 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: | $7.5 million
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| Maturity: | Dec. 7, 2023
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| Coupon: | 9.86% 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: | 1,480.751 for Russell, 1,817.92 for MSCI EAFE and 2,700.06 for S&P 500
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| Coupon barriers: | 1,036.536 for Russell, 1,272.54 for MSCI EAFE and 1,890.04 for S&P 500; 70% of initial levels
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| Downside thresholds: | 888.451 for Russell, 1,090.75 for MSCI EAFE and 1,620.04 for S&P 500; 60% of initial levels
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 7
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| Agents: | UBS Financial Services Inc. and Barclays
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| Fees: | 2%
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| Cusip: | 06746V370
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