Published on 5/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.04 million of step-up callable contingent payment notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 3 – Barclays Bank plc priced $4.04 million of step-up callable contingent payment notes due April 30, 2029 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 75% barrier on the valuation date for that quarter. The coupon will be 7.5% initially, stepping up to 8.5% in July 2024 and to 10% in July 2027.
The notes are callable at par plus the contingent coupon on any interest payment after six months.
The payout at maturity will be par unless either index finishes below the 50% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up callable contingent payment notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $4,039,000
|
| Maturity: | April 30, 2029
|
| Coupon: | 7.5% initially, stepping up to 8.5% in July 2024 and to 10% in July 2027, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier, in which case 1% loss per 1% decline of worse performing index
|
| Call option: | At par plus any coupon on any interest payment date after six months
|
| Initial levels: | 1,575.612 for Russell and 2,926.17 for S&P
|
| Coupon barriers: | 1,181.71 for Russell and 2,194.63 for S&P; 75% of initial levels
|
| Barriers: | 787.81 for Russell and 1,463.09 for S&P; 50% of initial levels
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | Barclays
|
| Fees: | 4.24%
|
| Cusip: | 06747MLZ7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
