Published on 9/13/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.63 million callable contingent coupon notes tied to three indexes
By Susanna Moon
Chicago, Sept. 13 – Barclays Bank plc priced $1.63 million of callable contingent coupon notes due Sept. 2, 2022 linked to the lesser performing of the S&P 500 index, Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annualized rate of 7.1% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes are callable at par on any interest payment date beginning with the second date.
The payout at maturity will be par unless either any finishes below its 60% trigger level, in which case investors will be fully exposed to the decline of the worst 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 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $1,627,000
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Maturity: | Sept. 2, 2022
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Contingent coupon: | 7.1% per year, payable semiannually if each index closes at or above 70% coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, full exposure to losses of worst performing index
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Call option: | At par on any interest payment date beginning with the second date
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Initial index levels: | 2,457.59 for S&P, 1,391.32 for Russell and 21,892.43 for Dow
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Coupon barriers: | 1,720.31 for S&P, 973.92 for Russell and 15,324.70 for Dow, or 70% of initial levels
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Trigger levels: | 1,474.55 for S&P, 834.79 for Russell and 13,135.46 for Dow, or 60% of initial levels
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Pricing date: | Aug. 30
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Settlement date: | Sept. 5
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Agent: | Barclays
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Fees: | 0.7%
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Cusip: | 06744CHJ3
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