Published on 1/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.07 million 7.5% contingent coupon callables tied to index, fund
By Susanna Moon
Chicago, Jan. 2 – Barclays Bank plc priced $4.07 million of callable contingent coupon notes due Dec. 23, 2020 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 7.5% if each underlying component 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 underlying component finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing index or fund.
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, SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $4,067,000
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Maturity: | Dec. 23, 2020
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Contingent coupon: | 7.5% annualized, payable semiannually if each underlying 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: | If each underlying component finishes at or above trigger, par; otherwise, 1% loss per 1% drop of worse performing index or fund
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Call option: | At par on any interest payment date
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Initial levels: | 2,684.57 for S&P, $36.66 for fund
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Trigger levels: | 1,610.74 for S&P, $22.00 for fund; 60% of initial levels
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Pricing date: | Dec. 21
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Settlement date: | Dec. 29
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Agent: | Barclays
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Fees: | 2.8%
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Cusip: | 06744CN56
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