Published on 5/26/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.13 million callable contingent coupon notes on S&P 500, oil ETF
By Marisa Wong
Morgantown, W.Va., May 26 – Barclays Bank plc priced $4.13 million of callable contingent coupon notes due May 23, 2019 linked to the lesser performing of 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 will pay a semiannual coupon at an annualized rate of 10% if each asset closes at or above its barrier level, 60% of its initial level, on the observation date for that period.
The notes will be callable at par on any coupon payment date.
The payout at maturity will be par unless either asset finishes below its barrier level, in which case investors will be fully exposed to the decline of the lesser performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $4,131,000
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Maturity: | May 23, 2019
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Contingent coupon: | 10% per year, payable semiannually if each asset closes at or above barrier level on observation date for that semiannual period
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Price: | Par
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Payout at maturity: | If each asset finishes at or above barrier level, par plus final coupon; otherwise, full exposure to losses of lesser performing asset
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Call option: | At par on any interest payment date
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Initial index levels: | 2,052.32 for index, $34.44 for ETF
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Barrier levels: | 1,231.39 for index, $20.66 for ETF; 60% of initial levels
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Pricing date: | May 20
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Settlement date: | May 27
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06741V2W1
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