Published on 2/5/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.6 million 12% contingent coupon callables tied to S&P, oil fund
By Susanna Moon
Chicago, Feb. 5 – Barclays Bank plc priced $1.6 million of callable contingent coupon notes due Jan. 26, 2024 linked to the least performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that month.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless either underlying asset closes below its 60% trigger level, in which case investors will be exposed to any losses of the worse performing index or fund.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $1,597,000
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Maturity: | Jan. 26, 2024
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Coupon: | 12% annualized, payable monthly if each index closes at or above its 70% coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par unless either asset falls by more than 40%, in which case 1% loss per 1% decline of worse performing index or fund
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Call option: | At par on any interest payment date beginning in January 2020
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Initial levels: | 2,638.70 for S&P and $29.80 for oil fund
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Coupon barriers: | 1,847.09 for S&P and $20.86 for oil fund, 70% of initial levels
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Trigger levels: | 1,583.22 for S&P and $17.88 for oil fund, 60% of initial levels
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Pricing date: | Jan. 23
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Settlement date: | Jan. 28
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Agent: | Barclays
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Fees: | 1.125%
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Cusip: | 06747MB54
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