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Barclays plans contingent income callable securities on two indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Barclays Bank plc plans to price contingent income callable securities due Sept. 20, 2027 linked to the worst performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of at least 8.1% if each index closes at or above its coupon barrier level, 75% of its initial index level, on the determination date for that quarter. The exact coupon will be set at pricing.
The notes will be callable in whole but not in part at par plus the coupon, if any, on any contingent coupon payment date other than the final one beginning Nov. 23, 2018.
If each index finishes at or above its downside threshold level, 60% of its initial index level, the payout at maturity will be par plus any coupon. If the final level of any index is less than its downside threshold level, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Barclays is the agent, with Morgan Stanley Wealth Management handling distribution.
The notes (Cusip: 06744CJ36) will price on Nov. 17 and settle on Nov. 22.
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