Published on 11/14/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.5% contingent coupon callables tied to three funds
By Susanna Moon
Chicago, Nov. 14 – Barclays Bank plc priced $1 million of callable contingent coupon notes due Oct. 29, 2020 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production ETF, the SPDR S&P Regional Banking ETF and the SPDR S&P Biotech 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 10.5% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that month.
The notes are callable at par on any interest payment date after six months.
The payout at maturity will be par unless any underlying asset closes below its 60% trigger level, in which case investors will be exposed to any losses of the worst 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: | SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Regional Banking ETF and SPDR S&P Biotech ETF
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| Amount: | $1 million
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| Maturity: | Oct. 29, 2020
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| Coupon: | 10.5% annualized, payable monthly if each fund closes at or above its 60% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any fund falls by more than 40%, in which case 1% loss per 1% decline of worst performing fund
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| Call option: | At par on any interest payment date beginning with sixth date
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| Initial levels: | $35.92 for oil fund, $51.92 for bank fund and $80.42 for biotech fund
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| Trigger levels: | $21.55 for oil fund, $31.15 for bank fund and $48.25 for biotech fund, 60% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 2
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| Agent: | Barclays
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| Fees: | 2.75%
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| Cusip: | 06746XW33
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