Published on 8/10/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.2 million trigger callable contingent yield notes on indexes
By Marisa Wong
Morgantown, W.Va., Aug. 10 – Barclays Bank plc priced $2.2 million of trigger callable contingent yield notes due May 9, 2022 linked to the least 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 pay a contingent coupon at the rate of 8% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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Amount: | $2.2 million
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Maturity: | May 9, 2022
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Coupon: | 8% per year, payable quarterly if each index closes at or above coupon barrier level on observation date that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on each quarterly observation date other than final one
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Initial levels: | 1,936.91 for MSCI EAFE, 1,425.144 for Russell and 2,470.30 for S&P
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Coupon barriers: | 1,355.84 for MSCI EAFE, 997.601 for Russell and 1,729.21 for S&P; 70% of initial levels
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Downside thresholds: | 1,162.15 for MSCI EAFE, 855.086 for Russell and 1,482.18 for S&P; 60% of initial levels
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Pricing date: | Aug. 1
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Settlement date: | Aug. 4
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 1.4%
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Cusip: | 06746L570
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