Published on 6/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.76 million callable contingent coupon notes linked to indexes
By Tali Rackner
Minneapolis, June 6 – Barclays Bank plc priced $1.76 million of callable contingent coupon notes due June 6, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 6.8% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
Beginning in June 2018, the notes are callable at par on any interest payment date.
If each index finishes at or above its 50% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500, Russell 2000 and Dow Jones industrial average
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Amount: | $1.76 million
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Maturity: | June 6, 2022
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Contingent coupon: | 6.8% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier level, par plus final coupon; otherwise, full exposure to losses of least-performing index
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Call option: | At par on any interest payment date beginning June 2018
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Initial index levels: | 2,430.06 for S&P 500, 1,396.06 for Russell 2000 and 21,144.18 for Dow Jones
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Barrier levels: | 1,215.03 for S&P 500, 698.03 for Russell 2000 and 10,572.09 for Dow Jones; 50% of initial levels
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Coupon barrier levels: | 1,458.04 for S&P 500, 837.64 for Russell 2000 and 12,686.51 for Dow Jones; 60% of initial levels
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Pricing date: | June 1
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Settlement date: | June 6
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06741VXW7
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