Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.85 million callable contingent coupon notes on indexes
By Devika Patel
Knoxville, Tenn., April 2 – Barclays Bank plc priced $7.85 million of callable contingent coupon notes due March 21, 2023 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.
Each quarter, the notes pay a coupon at an annualized rate of 10% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par plus any coupon on any coupon payment date prior to maturity beginning on Dec. 16, 2018.
The payout at maturity will be par plus the final coupon, if any, unless the final level of the least performing index is less than its 60% barrier level, in which case investors will lose 1% for each 1% decline of the least performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
|
| Amount: | $7,848,000
|
| Maturity: | March 21, 2023
|
| Contingent coupon: | 10% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus any coupon unless final level of least performing index is less than barrier level, in which case 1% loss for each 1% decline of least performing index from initial level
|
| Call option: | At par plus any coupon on any coupon payment date prior to maturity beginning on Dec. 16, 2018
|
| Initial index levels: | 2,752.01 for S&P, 1,586.05 for Russell and 3,437.40 for Stoxx
|
| Coupon barrier levels: | 1,926.41 for S&P, 1,110.24 for Russell and 2,406.18 for Stoxx; 70% of initial levels
|
| Barrier levels: | 1,651.21 for S&P, 951.63 for Russell and 2,062.44 for Stoxx; 60% of initial levels
|
| Pricing date: | March 16
|
| Settlement date: | March 21
|
| Agent: | Barclays
|
| Fees: | 1.125%
|
| Cusip: | 06744CZZ7
|
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