Published on 7/2/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.7 million callable contingent coupon notes linked to Dow
By Sarah Lizee
Olympia, Wash., July 2 – Barclays Bank plc priced $6.7 million of callable contingent coupon notes due June 28, 2024 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes pay a coupon at an annualized rate of 6% if the index closes at or above its coupon barrier value, 65% of its initial level, on the observation date for that period.
After six months, the notes are callable at par plus any coupon due on any coupon payment date other than the final one.
If the index finishes at or above its barrier value, 60% of its initial level, the payout at maturity will be par plus any coupon due. Otherwise, investors will be fully exposed to the decline.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying index: | Dow Jones industrial average
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Amount: | $6.7 million
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Maturity: | June 28, 2024
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Contingent coupon: | 6% per year, payable quarterly if the index closes at or above coupon barrier value on observation date for that period
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Price: | Par
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Payout at maturity: | If the index finishes at or above barrier value, par plus any coupon due; otherwise, full exposure to losses
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Call option: | At par plus any coupon due on any coupon payment date after six months other than final date
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Initial level: | 25,745.6
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Coupon barrier: | 16,734.64; 65% of initial level
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Barrier value: | 15,447.36; 60% of initial level
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06747PXC8
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