Published on 7/22/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.2 million callable contingent coupon notes on S&P, Russell, oil fund
By Wendy Van Sickle
Columbus, Ohio, July 22 – Barclays Bank plc priced $1.2 million of callable contingent coupon notes due July 23, 2024 linked to the Russell 2000 index, the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 7.8% if each underlying component closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that month.
The payout at maturity will be par unless any underlying component finishes below its 55% barrier level, in which case investors will be fully exposed to any losses of the worst performing component.
The notes are callable at par plus any coupon on any interest payment date after one year.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying components: | Russell 2000 index, S&P 500 index and SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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| Amount: | $1,202,000
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| Maturity: | July 23, 2024
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| Coupon: | 7.8%, payable monthly if each component closes at or above coupon barrier level on observation date for that month
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any component finishes below its barrier level, in which case investors will be fully exposed to any losses of the worst performing component
|
| Call option: | At par plus any coupon on any interest payment date after one year
|
| Initial levels: | 1,555.62 for Russell, 2,995.11 for S&P 500, $24.45 for SPDR S&P
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| Coupon barriers: | 933.37 for Russell, 1,797.07 for S&P 500, $14.67 for SPDR S&P, 60% of initial levels
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| Barriers: | 855.59 for Russell, 1,647.31 for S&P 500, $13.45 for SPDR S&P, 55% of initial levels
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| Pricing date: | July 18
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| Settlement date: | July 23
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| Agent: | Barclays
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| Fees: | 4.125%
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| Cusip: | 06747N6K5
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