Published on 3/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.83 million callable contingent coupon notes linked to indexes
By Sarah Lizee
Olympia, Wash., March 6 – Barclays Bank plc priced $1.83 million of callable contingent coupon notes due March 4, 2025 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 9% if each index closes at or above its coupon barrier value, 70% of its initial level, on the observation date for that period.
The notes are callable at par plus any coupon due on any coupon payment date after three months.
If the notes are not called and each index finishes at or above its barrier value, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-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: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average,
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| Amount: | $1,825,000
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| Maturity: | March 4, 2025
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| Contingent coupon: | 9% initially, payable quarterly if each index closes at or above coupon barrier value on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If notes are not called and each index finishes at or above barrier value, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par plus any coupon due on any coupon payment date after three months
|
| Initial levels: | 1,571.90 for Russell, 27,081.36 for Dow, 8,834.87 for Nasdaq
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| Coupon barriers: | 1,100.33 for Russell, 18,956.95 for Dow, 6,184.41 for Nasdaq, 70% of initial levels
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| Barrier levels: | 943.14 for Russell, 16,248.82 for Dow, 5,300.92 for Nasdaq, 60% of initial levels
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| Pricing date: | Feb. 27
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| Settlement date: | March 3
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| Agent: | Barclays
|
| Fees: | 1.2%
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| Cusip: | 06747PED7
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