Published on 6/26/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.29 million phoenix autocallable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, June 26 – Barclays Bank plc priced $1.29 million of phoenix autocallable notes due June 24, 2025 linked to the least performing of the S&P 500 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 quarterly coupon at an annual rate of 9% 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 nine months.
The payout at maturity will be par plus the coupon, unless any index finishes below 65% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $1.29 million
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| Maturity: | June 24, 2025
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| Coupon: | 9% annualized, payable quarterly 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 1% loss for each 1% 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 nine months
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| Initial level: | 3,097.74 for S&P, 1,418.63 for Russell, 25,871.46 for Dow
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| Coupon barriers: | 2,168.42 for S&P, 993.04 for Russell, 18,110.02 for Dow; 70% of initial levels
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| Final barriers: | 2,013.53 for S&P, 922.11 for Russell, 16,816.45 for Dow; 65% of initial levels
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| Pricing date: | June 19
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| Settlement date: | June 24
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06747PZW2
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