Published on 7/7/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.2 million callable contingent coupon notes on index, fund
By Susanna Moon
Chicago, July 7 – Barclays Bank plc priced $5.2 million of callable contingent coupon notes due June 26, 2020 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 9.35% if each underlying component closes at or above its 60% coupon barrier on the observation date for that period.
The payout at maturity will be par unless either component finishes below its 60% trigger level, in which case investors will be fully exposed to any losses.
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: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $5,202,000
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Maturity: | June 26, 2020
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Coupon: | 9.35% annualized, payable semiannually if each component closes at or above 60% coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any component finishes below its 60% barrier level, in which case 1% loss for each 1% decline of the worse performing component from initial level
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Call option: | At par on any interest payment date
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Initial levels: | 2,438.30 for S&P, $31.02 for oil fund
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Trigger levels: | 1,462.98 for S&P, $18.61 for oil fund, 60% of initial levels
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Pricing date: | June 23
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Settlement date: | June 30
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Agent: | Barclays
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Fees: | 0.65%
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Cusip: | 06741VX72
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