Published on 7/9/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $624,000 autocallable notes tied to bank stocks
By Wendy Van Sickle
Columbus, Ohio, July 9 – Barclays Bank plc priced $624,000 of autocallable notes due July 3, 2023 linked to the least performing stock of the common stocks of Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualized rate of 10.15% if each stock closes above its barrier level, 70% of its initial level, on the related observation date.
The notes will be automatically called at par if each stock closes above its initial level on any quarterly observation date after six months.
If the notes are not called, investors will receive par if each stock finishes above its 70% final barrier level and will be fully exposed to the decline of the worst performing stock otherwise.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
|
| Underlying assets: | Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
|
| Amount: | $624,000
|
| Maturity: | July 3, 2023
|
| Coupon: | 10.15%, payable monthly if each stock closes above barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless final level of the least-performing stock is less than barrier level, in which case 1% loss for each 1% decline of the least-performing stock
|
| Call: | At par if each stock closes above initial level on any quarterly call observation date after six months
|
| Initial levels: | $23.81 for BofA, $50.81 for Citi and $94.66 for JPMorgan
|
| Barrier levels: | $16.67 for BofA, $35.57 for Citi and $66.26 for JPMorgan, 70% of initial levels
|
| Pricing date: | June 26
|
| Settlement date: | July 1
|
| Agent: | Barclays
|
| Fees: | 2.8%
|
| Cusip: | 06747Q4E4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
