Published on 5/8/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.1 million callable contingent coupon notes on S&P, Russell
By Kiku Steinfeld
Chicago, May 8 – Barclays Bank plc priced $1.1 million of callable contingent coupon notes due April 29, 2024 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at annual rate of 6% if each underlier closes at or above its coupon barrier, 55% of its initial level, on the observation date for that period.
The notes will be callable semiannually at par plus any coupon due on any quarterly call valuation date after one year.
The payout at maturity will be par plus any final coupon due unless either underlier finishes below its 55% barrier, in which case investors will lose 1% for each 1% decline of the worst performing underlier from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underliers: | S&P 500 index and Russell 2000 index
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Amount: | $1,100,000
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Maturity: | April 29, 2024
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Coupon: | 6%, payable semiannually if each underlier closes at or above coupon barrier on observation date
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Price: | Par
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Call option: | At par plus any coupon due on any semiannually call valuation date after one year
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Payout at maturity: | Par plus any coupon if both indexes close above barrier level; otherwise 1% for each 1% decline of worse performing underlier from initial level
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Initial levels: | 2,836.74 for S&P and 1,233.05 for Russell
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Coupon barriers: | 1,560.21 for S&P and 678.18 for Russell, 55% of initial levels
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Barrier values: | 1,560.21 for S&P and 678.18 for Russell, 55% of initial levels
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Pricing date: | April 24
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Settlement date: | April 29
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Agent: | Barclays
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Fees: | 3.75%
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Cusip: | 06747PQF9
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