Published on 1/30/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.81 million contingent income callable notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 30 – Barclays Bank plc priced $2.81 million of contingent income callable securities due July 28, 2022 linked to the least performing of the MSCI Emerging Markets index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8% per year if each index closes at or above its downside threshold level, 75% of its initial level, on the determination date that quarter.
After six months, the notes are callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | MSCI Emerging Markets, S&P 500 and Russell 2000
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Amount: | $2,809,000
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Maturity: | July 28, 2022
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Coupon: | 8% per year, payable quarterly if each index closes at or above downside threshold level on determination date that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
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Call option: | Callable after six months at par on any quarterly coupon payment date other than final one
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Initial levels: | 1,662.232 for Russell, 1,119.39 for MSCI Emerging Markets, 3,295.47 for S&P
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Downside threshold levels: | 1,246.674 for Russell, 839.543 for MSCI Emerging Markets, 2,471.603 for S&P, or 75% of initial levels
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Pricing date: | Jan. 24
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Settlement date: | Jan. 29
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 06747P4E6
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