Published on 7/16/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million callable contingent coupon notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, July 16 – Barclays Bank plc priced $2 million of callable contingent coupon notes due March 25, 2022 linked to the lesser performing of the S&P 500 index, the VanEck Vectors Gold Miners ETF 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 quarterly coupon at an annualized rate of 10% if each underlying asset closes at or above its coupon barrier level, 60% of its initial price, on the observation date for that quarter.
The notes will be callable in whole at par on any observation date after six months.
If each asset finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-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, SPDR S&P Oil & Gas Exploration & Production ETF, VanEck Vectors Gold Miners ETF
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Amount: | $2 million
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Maturity: | March 25, 2022
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Contingent coupon: | 10% per year, payable quarterly if each underlying asset closes at or above coupon barrier level observation date for that period
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Price: | Par
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Payout at maturity: | If each asset finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing asset
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Call option: | Callable at par on any observation date after six months
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Initial levels: | 2,754.88 for index, $22.22 for Gold Miners and $42.55 for Oil & Gas
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Coupon barriers: | 1,652.93 for index, $13.33 for Gold Miners and $25.53 for Oil & Gas, 60% of initial levels
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Barriers: | 1,652.93 for index, $13.33 for Gold Miners and $25.53 for Oil & Gas, 60% of initial levels
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Pricing date: | June 22
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Settlement date: | June 27
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Agent: | Barclays
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Fees: | 2.95%
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Cusip: | 06746XFR9
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