Published on 12/22/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.48 million contingent income callable notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Dec. 22 – Barclays Bank plc priced $1.48 million of contingent income callable notes due Dec. 21, 2017 linked to the worst performing of the Euro Stoxx 50 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 pay a contingent coupon at an annual rate of 7.45% if each index closes at or above its downside threshold level, 65% of its initial level, on the observation date for that quarter.
The notes are callable at par of $10 on any contingent payment date other than the final one.
The payout at maturity will be par unless any index finishes below its downside threshold level, in which case investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
|
| Amount: | $1.48 million
|
| Maturity: | Dec. 21, 2017
|
| Coupon: | Each quarter, notes pay contingent coupon at annual rate of 7.45% if each index closes at or above downside threshold level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless any index finishes below downside threshold level, in which case full exposure to decline of least-performing index
|
| Call option: | At par on any contingent payment date other than final one
|
| Initial index levels: | 2,073.07 for S&P 500, 1,148.974 for Russell 2000 and 3,246.78 for Euro Stoxx 50
|
| Downside thresholds: | 1,347.496 for S&P 500, 746.833 for Russell 2000 and 2,110.407 for Euro Stoxx 50; 65% of initial levels
|
| Pricing date: | Dec. 16
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| Settlement date: | Dec. 21
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06743T626
|
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