Published on 3/20/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.11 million 8% contingent coupon callables on funds
By Susanna Moon
Chicago, March 20 – Barclays Bank plc priced $1.11 million of callable contingent coupon notes due March 7, 2022 linked to the lesser performing of the SPDR S&P Regional Banking ETF and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 8% if each index closes at or above its 60% coupon barrier on the review date for that period.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless either underlying index closes below its 50% trigger level, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | SPDR S&P Regional Banking ETF, United States Oil Fund, LP
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| Amount: | $1,108,000
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| Maturity: | March 7, 2022
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| Coupon: | 8% annualized, payable semiannually if each index closes at or above its 60% coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 50%, in which case 1% loss per 1% decline of worse performing index
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| Call option: | At par on any interest payment date beginning with fourth observation date
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| Initial levels: | $62.56 for banking fund, $12.37 for oil fund
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| Coupon barriers: | $37.54 for banking fund, $7.42 for oil fund, 60% of initial levels
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| Trigger levels: | $31.28 for banking fund, $6.19 for oil fund, 50% of initial levels
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| Pricing date: | March 2
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| Settlement date: | March 7
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06744CXM8
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