Published on 5/1/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $12.36 million contingent income callable notes on indexes
By Sarah Lizee
Olympia, Wash., May 1 – Barclays Bank plc priced $12.36 million of contingent income callable securities due April 29, 2021 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 contingent coupon at the rate of 8% per year if each index closes at or above its downside threshold level, 70% of its initial level, on each trading day during that quarter.
The notes will be callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
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Amount: | $12,363,000
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Maturity: | April 29, 2021
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Coupon: | 8% per year, payable quarterly if each index closes at or above downside threshold level on each trading day during that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
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Call option: | Callable at par on any quarterly coupon payment date other than final one
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Initial levels: | 2,939.88 for S&P 500, 1,591.816 for Russell 2000 and 3,500.41 for Euro Stoxx 50
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Downside thresholds: | 2,057.916 for S&P 500, 1,114.271 for Russell 2000 and 2,450.287 for Euro Stoxx 50, 70% of initial levels
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Pricing date: | April 26
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Settlement date: | May 1
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 06747MPT7
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