Published on 5/31/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.97 million callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., May 31 – Barclays Bank plc priced $1.97 million of callable contingent coupon notes due May 31, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 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 6% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
After one year, the notes are callable at par on any interest payment date.
If each index finishes at or above its barrier level, 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
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Russell 2000, S&P 500 and Dow Jones industrial average
|
| Amount: | $1,971,000
|
| Maturity: | May 31, 2024
|
| Contingent coupon: | 6% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | After one year, at par on any interest payment date
|
| Initial levels: | 2,802.39 for S&P, 1,504.02 for Russell, 25,347.77 for Dow
|
| Coupon barriers: | 1,961.67 for S&P, 1,052.81 for Russell, 17,743.44 for Dow; 70% of initial levels
|
| Barrier levels: | 1,681.43 for S&P, 902.41 for Russell, 15,208.66 for Dow; 60% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Agent: | Barclays
|
| Fees: | 4.125%
|
| Cusip: | 06747MQH2
|
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