Published on 11/6/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million of contingent income autocallables linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – Barclays Bank plc priced $1 million of contingent income autocallable securities due Feb. 3, 2021 linked to the worst performing of the Nasdaq-100 index and the S&P 500 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 11% if each index closes at or above the 75% coupon barrier level on every day that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any of the quarterly determination dates other than the final one.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below the 75% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing index.
Barclays is the agent, with Morgan Stanley Wealth Management handling distribution.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying indexes: | Nasdaq-100 and S&P 500
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| Amount: | $1 million
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| Maturity: | Feb. 3, 2021
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| Coupon: | 11% annualized for each quarter that each index closes at or above coupon barrier levels on every day that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus coupon if each index finishes at or above downside threshold level; otherwise, 1% loss for each 1% decline of worse performing index
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| Call: | At par plus contingent payment if each index closes at or above initial level on any of the determination dates other than the final one
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| Initial levels: | 6,810.121for Nasdaq and 2,682.63 for S&P
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| Coupon barriers: | 5,107.591 for Nasdaq and 2,011.973 for S&P, 75% of initial levels
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| Downside thresholds: | 5,107.591 for Nasdaq and 2,011.973 for S&P, 75% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 1
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| Agent: | Barclays
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| Distributor: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06746XXH1
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