Published on 3/29/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.83 million of step-up callable contingent payment notes on indexes
By Sarah Lizee
Olympia, Wash., March 29 – Barclays Bank plc priced $1.83 million of step-up callable contingent payment notes due March 29, 2029 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate if each index closes above the 75% barrier on the valuation date for that quarter. The coupon will be 7% initially, stepping up to 8.5% in June 2024 and to 10% in June 2027.
The notes are callable at par plus the contingent coupon on any interest payment after six months.
The payout at maturity will be par unless either index finishes below the 50% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Step-up callable contingent payment notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $1,829,000
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Maturity: | March 29, 2029
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Coupon: | 7% initially, stepping up to 8.5% in June 2024 and to 10% in June 2027, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below barrier, in which case 1% loss per 1% decline of worse performing index
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Call option: | At par plus any coupon on any interest payment date after six months
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Initial levels: | 2,818.46 for S&P, 1,528.17 for Russell
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Coupon barriers: | 2,113.85 for S&P, 1,146.13 for Russell; 75% of initial levels
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Barriers: | 1,409.23 for S&P, 764.09 for Russell; 50% of initial levels
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Pricing date: | March 26
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Settlement date: | March 29
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Agent: | Barclays
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Fees: | 4.25%
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Cusip: | 06747MHB5
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