Published on 3/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million callable contingent coupon notes on indexes, ETF
By Sarah Lizee
Olympia, Wash., March 6 – Barclays Bank plc priced $1 million of callable contingent coupon notes due March 3, 2026 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the iShares MSCI Emerging Markets ETF, 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 asset 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 one year.
If each asset finishes at or above its barrier value, 60% of its initial level, the payout at maturity will be par plus any coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
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, iShares MSCI Emerging Markets ETF
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| Amount: | $1 million
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| Maturity: | March 3, 2026
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| Contingent coupon: | 9% per year, payable each quarter if each asset 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 each asset finishes at or above barrier value, par plus any coupon; otherwise, full exposure to losses of least-performing asset
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| Call option: | At par plus any coupon due on any coupon payment date after one year
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| Initial levels: | 8,436.67 for Nasdaq, 1,497.87 for Russell, $40.67 for ETF
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| Coupon barriers: | 5,905.67 for Nasdaq, 1,048.51 for Russell, $28.47 for ETF; 70% of initial levels
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| Barrier values: | 5,062.00 for Nasdaq, 898.72 for Russell, $24.40 for ETF; 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
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| Fees: | 0.65%
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| Cusip: | 06747PEL9
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