Published on 3/22/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.45 million callable contingent coupon notes on S&P 500, oil fund
By Marisa Wong
Morgantown, W.Va., March 22 – Barclays Bank plc priced $8.45 million of callable contingent coupon notes due March 21, 2019 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 7% if each underlying component closes at or above its barrier level, 55% of its initial level, on the observation date for that period.
The payout at maturity will be par unless either component finishes below its 55% 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
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Issue: | Callable contingent coupon notes
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Underlying components: | S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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Amount: | $8,453,000
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Maturity: | March 21, 2019
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Coupon: | 7% semiannually if each component closes at or above barrier level on observation date for that period
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Price: | Par of $1,000
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Payout at maturity: | Par unless either component finishes below its barrier level, in which case investors will be fully exposed to any losses of the worse performing component
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Call option: | At par on any interest payment date
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Initial levels: | 2,049.58 for S&P 500, $30.95 for ETF
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Barrier levels: | 1,127.27 for S&P 500, $17.02 for ETF; 55% of initial levels
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Pricing date: | March 18
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Settlement date: | March 28
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06741U5R1
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