Published on 11/15/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., Nov. 15 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due Nov. 16, 2028 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 6.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
At Barclays’ option, the notes will be callable in whole at par on any coupon payment date.
If each index finishes at or above its buffer level, 70% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least-performing index beyond 30%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones Industrial Average
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Amount: | $500,000
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Maturity: | Nov. 16, 2028
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Contingent coupon: | 6.5% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above buffer level, par; otherwise, exposure to losses of least-performing index beyond 30%
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Call option: | At par on any coupon payment date
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Initial levels: | 2,722.18 for S&P, 1,514.80 for Russell, 25,286.49 for Dow
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Coupon barriers: | 1,905.53 for S&P, 1,060.36 for Russell, 17,700.54 for Dow, 70% of initial levels
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Buffer levels: | 1,905.53 for S&P, 1,060.36 for Russell, 17,700.54 for Dow, 70% of initial levels
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Pricing date: | Nov. 13
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Settlement date: | Nov. 16
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Agent: | Barclays
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Fees: | 3.35%
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Cusip: | 06746XYK3
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