Published on 2/5/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $875,000 contingent income step-up autocalls on S&P 500
By Tali Rackner
Minneapolis, Feb. 5 – Barclays Bank plc priced $875,000 of contingent income autocallable step-up securities due Jan. 27, 2033 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent payment if the index closes at or above its coupon barrier level, 80% of its initial index level, on the determination date that month. The contingent coupon rate will be 6% per year for years one to five, 6.9999% for years six to 10 and 9.9999% for years 11 to 15.
Beginning Jan. 24, 2023, the notes will be automatically called at par plus the contingent coupon if the index closes at or above its initial level on any quarterly redemption determination date.
If the index finishes at or above its 50% downside threshold level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will lose 1% for each 1% decline of the index from its initial level.
Barclays is the agent with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable step-up securities
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| Underlying index: | S&P 500
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| Amount: | $875,000
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| Maturity: | Jan. 27, 2033
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| Coupon: | Each month, if index closes at or above 80% coupon barrier, payment of 6% per year for years one to five, 6.9999% for years six to 10, 9.9999% for years 11 to 15
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| Price: | Par
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| Payout at maturity: | If index finishes at or above 50% downside threshold, par plus final coupon; otherwise, full exposure to decline
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| Call option: | Beginning Jan. 24, 2023, at par if index closes at or above its initial level on any quarterly redemption determination date
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| Initial level: | 2,872.87
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| Coupon barrier: | 2,298.296; 80% of initial level
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| Downside threshold: | 1,436.435; 50% of initial level
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Barclays
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 3.5%
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| Cusip: | 06744CSV4
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