Published on 12/4/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.69 million 7.5% contingent coupon callables on S&P, oil & gas ETF
By Tali Rackner
Minneapolis, Dec. 4 – Barclays Bank plc priced $3.69 million of callable contingent coupon notes due Nov. 20, 2020 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 contingent semiannual coupon at an annualized rate of 7.5% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that period.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either asset finishes below its 60% barrier level, in which case investors will be fully exposed to any losses 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 SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $3,689,000
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Maturity: | Nov. 20, 2020
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Coupon: | 7.5% per year, payable semiannually if each underlying asset closes at or above 60% coupon barrier on determination date for that period
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Price: | Par
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Payout at maturity: | If each underlying asset finishes at or above barrier level, par; otherwise, full exposure to decline of lesser-performing asset
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Call option: | At par on any interest payment date
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Initial levels: | 2,578.85 for S&P and $35 for oil & gas ETF
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Barrier levels: | 1,547.31 for S&P and $21 for oil & gas ETF; 60% of initial levels
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Pricing date: | Nov. 17
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Settlement date: | Nov. 27
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Agent: | Barclays
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Fees: | 2.8%
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Cusip: | 06744CJN2
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