Published on 6/30/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $265,000 callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, June 30 – Barclays Bank plc priced $265,000 of callable contingent coupon notes due June 28, 2022, linked to the worst 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 pay a contingent quarterly coupon at an annualized rate of 10% if each asset closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date after six months.
If each asset finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying assets: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $265,000
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| Maturity: | June 28, 2022
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| Contingent coupon: | 10% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing asset
|
| Call option: | In whole at par plus any coupon due on any quarterly call valuation date after six months
|
| Initial level: | 3,131.29 for S&P, 1,439.34 for Russell, 26,156.1 for Dow
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| Coupon barriers: | 1,878.77 for S&P, 863.6 for Russell, 15,693.66 for Dow; 60% of initial levels
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| Final barriers: | 1,878.77 for S&P, 863.6 for Russell, 15,693.66 for Dow; 60% of initial levels
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| Pricing date: | June 23
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| Settlement date: | June 26
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| Underwriter: | Barclays
|
| Fees: | 0%
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| Cusip: | 06747Q2U0
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