Published on 6/18/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.6 million buffered callable contingent coupon notes on Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, June 18 – Barclays Bank plc priced $5.6 million of buffered callable contingent coupon notes due June 17, 2024 linked to the lesser performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 6% if each asset closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that period.
The notes will be callable in whole at par on any quarterly call valuation date after one year.
If each asset finishes at or above its barrier level, 80% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing asset beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered callable contingent coupon notes
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| Underlying assets: | Russell 2000 index, Dow Jones industrial average
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| Amount: | $5,595,000
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| Maturity: | June 17, 2024
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| Contingent coupon: | 6% per year, payable each month that each asset closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If each asset finishes at or above barrier level, par; otherwise, 1% loss for each 1% decline of least-performing asset beyond 20%
|
| Call option: | At par on any quarterly call valuation date after one year
|
| Initial levels: | 1,387.69 for Russell, 25,605.54 for Dow
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| Coupon barrier levels: | 1,110.15 for Russell, 20,484.43 for Dow; 80% of initial levels
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| Barrier levels: | 1,110.15 for Russell, 20,484.43 for Dow; 80% of initial levels
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| Pricing date: | June 12
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| Settlement date: | June 17
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06747PXD6
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