Published on 5/14/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.3 million callable contingent coupon notes tied to two funds
By Tali Rackner
Minneapolis, May 14 – Barclays Bank plc priced $2.3 million of callable contingent coupon notes due April 25, 2022 linked to the lesser performing of the VanEck Vectors Oil Services exchange-traded fund 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 10.25% if each fund closes at or above its coupon barrier price, 70% of its initial price, on the observation date for that period.
The notes will be callable in whole at par on any observation date after six months.
If each fund finishes at or above its barrier price, 70% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lesser-performing fund.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying funds: | VanEck Vectors Oil Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2.3 million
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| Maturity: | April 25, 2022
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| Contingent coupon: | 10.25% per year, payable quarterly if each fund closes at or above coupon barrier price observation date for that period
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| Price: | Par
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| Payout at maturity: | If each fund finishes at or above barrier price, par; otherwise, full exposure to losses of lesser-performing fund
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| Call option: | Callable at par on any observation date after six months
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| Initial prices: | $26.84 for oil services, $38.86 for oil & gas
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| Barrier prices: | $18.795 for oil services, $27.20 for oil & gas, 70% of initial prices
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| Pricing date: | April 20
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| Settlement date: | April 25
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06746X6H1
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