Published on 3/4/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $800,000 callable step-up contingent coupon notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, March 4 – Feb. 28Barclays Bank plc priced $800,000 of callable step-up contingent coupon notes due Feb. 28, 2030 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon if each underlying asset closes at or above its 75% coupon barrier on the observation date for that quarter. The contingent coupon will be at an annualized rate of 6% for the first five years, stepping up to 8% beginning in May 2025 and to 9% in May 2028.
The notes are callable at par on any contingent coupon payment date other than the final one.
The payout at maturity will be par unless either underlying asset closes below its 60% barrier level, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable step-up contingent coupon notes
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| Underlying indexes: | Russell 2000 index and the S&P 500 index
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| Amount: | $800000
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| Maturity: | Feb. 28, 2030
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| Coupon: | Each quarter, notes pay contingent coupon unless any index closes below coupon barrier level on observation date for that quarter; coupon is 6% for the first five years, stepping up to 8% beginning in May 2025 and to 9% in May 2028
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| Price: | Par
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| Payout at maturity: | Par unless either underlying asset closes below its barrier level, in which case investors will be exposed to any losses of the worse performing index
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| Call option: | In whole at par plus any coupon due on any quarterly early redemption date
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| Initial levels: | 3,128.21 for S&P, 1,571.897 for Russell
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| Coupon barrier levels: | 2,346.16 for S&P, 1,178.92 for Russell; 75% of initial level
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| Trigger levels: | 1,876.93 for S&P, 943.14 for Russell; 60% of initial level
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 28
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06747P6U8
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