Published on 4/22/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.02 million phoenix autocallable notes on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, April 22 – Barclays Bank plc priced $1.02million of phoenix autocallable notes due April 20, 2023 linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.75% if each index closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon, unless any index finishes below 70% of its initial value, in which case investors will be fully exposed to the decline of the least performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000, Nasdaq-100
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Amount: | $1,023,000
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Maturity: | April 20, 2023
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Coupon: | 9.75% annualized, payable monthly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless any index finishes below final barrier, in which case investors will be fully exposed to the decline of the worst performing index
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial level: | 8,832.41 for Nasdaq, 1,229.1 for Russell, 24,242.29 for Dow
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Coupon/final barriers: | 6,182.69 for Nasdaq, 860.37 for Russell, 16,969.74 for Dow; 70% of initial levels
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Pricing date: | April 17
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Settlement date: | April 22
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Agent: | Barclays
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Fees: | 3%
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Cusip: | 06747PP60
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