Published on 4/27/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.62 million trigger absolute return step notes on S&P
By Wendy Van Sickle
Columbus, Ohio, April 27 – Barclays Bank plc priced $7.62 million of 0% trigger absolute return step securities due April 28, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout at maturity will be par plus the greater of the gain and the step return of 32.5%.
If the index falls by up to its 75% downside threshold, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger absolute return step securities
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Underlying index: | S&P 500
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Amount: | $7,624,330
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Maturity: | April 28, 2023
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index gains, par plus return with a floor of par plus 32.5%; if index falls by up to 25%, par plus absolute return; otherwise, full exposure to any losses
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Initial level: | 2,639.4
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Downside threshold: | 1,979.55, 75% of initial level
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Pricing date: | April 25
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Settlement date: | April 30
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Agents: | Barclays and UBS Financial Services Inc.
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Fees: | 3.5%
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Cusip: | 06746Q783
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