Published on 10/13/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.22 million contingent income callable notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Oct. 13 – Barclays Bank plc priced $7.22 million of contingent income callable securities due Oct. 15, 2019 linked to the worst performing of the MSCI EAFE index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.37% if each index closes at or above its downside threshold level, 60% of its initial index level, on the determination date for that quarter.
The notes are callable at par plus the contingent coupon on any coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon. If the final level of any index is less than its downside threshold level, investors will be fully exposed to the decline of the lowest-performing index.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | MSCI EAFE, Russell 2000 and S&P 500
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Amount: | $7,218,000
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Maturity: | Oct. 15, 2019
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Coupon: | 9.37% per year, payable quarterly if each index closes at or above downside threshold level on determination date for that quarter
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Price: | Par of $10.00
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Payout at maturity: | If each index finishes at or above downside threshold level, par plus final contingent coupon; if final level of any index is less than downside threshold level, full exposure to decline of lowest-performing index
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Call: | At issuer’s option at par plus contingent coupon on any coupon payment date other than final one
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Initial index levels: | 2,014.89 for S&P 500, 1,165.356 for Russell 2000 and 1,758.17 for MSCI EAFE
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Downside threshold: | 1,208.934 for S&P 500, 699.214 for Russell 2000 and 1,054.902 for MSCI EAFE; 60% of initial index levels
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Pricing date: | Oct. 9
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Settlement date: | Oct. 15
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 1.83%
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Cusip: | 06741UN83
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