Published on 7/26/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.65 million callable contingent coupon notes on S&P 500, oil ETF
By Marisa Wong
Morgantown, W.Va., July 26 – Barclays Bank plc priced $6.65 million of callable contingent coupon notes due July 25, 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.
Every six months, the notes will pay a contingent coupon at an annualized rate of 11.25% if each underlying asset closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that semiannual period.
The notes will be callable at par on any contingent coupon payment date.
The payout at maturity will be par unless either underlying finishes below its 60% barrier level, in which case investors will be fully exposed to any losses of the worse performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying assets: | S&P 500 index and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $6,653,000
|
| Maturity: | July 25, 2019
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| Contingent coupon: | 11.25%, payable semiannually if each underlying asset closes at or above its barrier level on semiannual observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless either underlying finishes below barrier level, in which case full exposure to any losses of worse performing asset
|
| Call option: | At par on any contingent coupon payment date
|
| Initial levels: | 2,175.03 for S&P 500, $34.18 for ETF
|
| Barrier levels: | 1,305.02 for S&P 500, $20.51 for ETF; 60% of initial levels
|
| Pricing date: | July 22
|
| Settlement date: | July 29
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06741V5U2
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