Published on 10/5/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.88 million contingent income autocallables linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Oct. 5 – Barclays Bank plc priced $5.88 million of contingent income autocallable securities due Oct. 5, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the coupon barrier level, 75% of the initial index level, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 4.4%.
Beginning March 30, 2017, the notes will be called at par of $10 plus the contingent coupon if the index closes at or above the initial index level on any quarterly determination date other than the final determination date.
If the final index level is greater than or equal to the downside threshold level, 50% of the initial index level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying index: | S&P 500
|
| Amount: | $5,875,000
|
| Maturity: | Oct. 5, 2021
|
| Coupon: | 4.4% per year, payable quarterly if index closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final index level is greater than or equal to downside threshold level, par plus final contingent coupon, if any; otherwise, 1% loss for every 1% that final index level is less than initial index level
|
| Call: | Beginning March 30, 2017, notes will be called at par plus contingent coupon if index closes at or above initial index level on any quarterly determination date other than final one
|
| Initial index level: | 2,168.27
|
| Coupon barrier: | 1,626.203, 75% of initial level
|
| Downside threshold: | 1,084.135, 50% of initial level
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 5
|
| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 06745B250
|
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