Published on 10/11/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $945,000 of step-up contingent payment callables on indexes
By Susanna Moon
Chicago, Oct. 11 – Barclays Bank plc priced $945,000 of step-up callable contingent payment notes due Sept. 30, 2024 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 67.5% coupon barrier on the valuation date for that quarter. The contingent coupon will be 6% for the first five years, stepping up to 8.5% in September 2022.
The notes are callable at par plus the contingent coupon on any interest payment.
The payout at maturity will be par unless either index finishes below the 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Step-up callable contingent payment notes
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $945,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 6% initially, stepping up to 8.5% in September 2022, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below trigger, in which case 1% loss per 1% decline of worse performing index
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| Call option: | At par on any interest payment date beginning Sept. 27, 2018
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| Initial levels: | 1,456.86 for Russell, 2,496.84 for S&P
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| Coupon barriers: | 983.38 for Russell, 1,685.37 for S&P, 67.5% of initial levels
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| Trigger levels: | 874.12 for Russell, 1,498.10 for S&P, 60% of initial levels
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| Pricing date: | Sept. 26
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| Settlement date: | Sept. 29
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| Agent: | Barclays
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| Fees: | 4.1%
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| Cusip: | 06744C2Z3
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