Published on 12/22/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.57 million callable contingent coupon notes on S&P, oil fund
By Devika Patel
Knoxville, Tenn., Dec. 22 – Barclays Bank plc priced $2,565,000 of callable contingent coupon notes due Dec. 28, 2018 linked to the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon of 6.25% if each underlying component closes at or above its barrier level, 60% of its initial level, on the observation date for that period.
The payout at maturity will be par unless either component finishes below its 60% barrier level, in which case investors will be fully exposed to any losses of the worse performing component.
The notes are callable at par on any interest payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying components: | S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
|
| Amount: | $2,565,000
|
| Maturity: | Dec. 28, 2018
|
| Coupon: | 6.25%, semiannually per quarter if each component closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless either component finishes below its 60% barrier level, in which case investors will be fully exposed to any losses of the worse performing component
|
| Call option: | At par on any interest payment date
|
| Initial levels: | 2,005.55 for S&P 500, $28.94 for SPDR S&P
|
| Barrier levels: | 1,203.33 for S&P 500, $17.36 for SPDR S&P, 60% of initial levels
|
| Pricing date: | Dec. 18
|
| Settlement date: | Dec. 28
|
| Agent: | Barclays
|
| Fees: | 2.35%
|
| Cusip: | 06741UW75
|
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