Published on 3/14/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.6 million 9.1% contingent income callables on indexes
By Wendy Van Sickle
Columbus, Ohio, March 14 – Barclays Bank plc priced $7.6 million of contingent income callable securities due June 12, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.1% if each index closes at or above its 65% coupon barrier on each day during that quarter.
The notes are callable at par on any contingent payment date other than the final date.
The payout at maturity will be par unless any index finishes below its 65% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays is the agent with distribution through Morgan Stanley Wealth Management.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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Amount: | $7,598,000
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Maturity: | June 12, 2020
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Coupon: | 9.1% annualized, payable quarterly if each index closes at or above 65% coupon barrier on each trading day during that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call option: | At par on any contingent payment date other than final date
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Initial levels: | 2,786.57 for S&P, 1,597.142 for Russell, 3,420.54 for Stoxx
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Downside thresholds: | 1,811.271 for S&P, 1,038.142 for Russell, 2,223.351 for Stoxx; 65% of initial levels
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Pricing date: | March 9
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Settlement date: | March 14
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Agent: | Barclays with Morgan Stanley Wealth Management as a distributor
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Fees: | 2%
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Cusip: | 06744CZV6
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