Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $16.03 million 11.5% contingent income callables tied to three indexes
By Susanna Moon
Chicago, Oct. 29 – Barclays Bank plc priced $16.03 million of contingent income callable securities due April 22, 2021 linked to the least performing of the S&P 500 index, the Nikkei 225 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if each index closes at or above its 75% coupon barrier on each trading day during that quarter.
The notes are callable at par on any contingent payment date other than the final date.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses of the worst performing index.
Barclays Securities (USA) LLC is the underwriter with Morgan Stanley Wealth Management as the dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income callable securities
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| Underlying indexes: | Nikkei 225, S&P 500 and Euro Stoxx 50
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| Amount: | $16,033,000
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| Maturity: | April 22, 2021
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| Coupon: | 11.5% annualized, payable quarterly if each index closes at or above 75% coupon barrier on each trading day for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any contingent payment date other than the final date
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| Initial levels: | 22,841.12 for Nikkei, 2,809.21 for S&P and 3,243.08 for Stoxx
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| Coupon barriers: | 17,130.84 for Nikkei, 2,106.908 for S&P and 2,432.31 for Stoxx, 75% of initial levels
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| Downside thresholds: | 15,988.784 for Nikkei, 1,966.447 for S&P and 2,270.156 for Stoxx, 70% of initial levels
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| Pricing date: | Oct. 17
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| Settlement date: | Oct. 22
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06746XUW1
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