Published on 3/18/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $22.46 million contingent income callable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 18 – Barclays Bank plc priced $22.46 million of contingent income callable securities due March 18, 2021 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 23% per year if each index closes at or above its coupon barrier, 70% of its initial level, on every day that quarter.
The notes are callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
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| Underlying indexes: | Nasdaq-100, S&P 500 and Russell 2000
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| Amount: | $22.46 million
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| Maturity: | March 18, 2021
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| Coupon: | 23% per year, payable quarterly if each index closes at or above its coupon barrier every day that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
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| Call option: | Callable at par on any quarterly coupon payment date other than final one
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| Initial levels: | 1,210.135 for Russell, 2,711.02 for S&P, 7,995.263 for Nasdaq
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| Coupon barriers: | 847.095 for Russell, 1,897.714 for S&P, 5,596.684 for Nasdaq, or 70% of initial levels
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| Downside thresholds: | 847.095 for Russell, 1,897.714 for S&P, 5,596.684 for Nasdaq, or 70% of initial levels
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 1.5%
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| Cusip: | 06747PJX8
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