Published on 7/21/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $12.94 million callable contingent coupon notes on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, July 21 – Barclays Bank plc priced $12.94 million of callable contingent coupon notes due July 22, 2024, 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 11.5% 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 valuation date.
If each asset finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus any coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| 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: | $12.94 million
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| Maturity: | July 22, 2024
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| Contingent coupon: | 11.5% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier, par plus any coupon; otherwise, full exposure to losses of least-performing asset
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial level: | 26,671.95 for Dow, 1,473.32 for Russell, 3,224.73 for S&P
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| Coupon barriers: | 16,003.17 for Dow, 883.99 for Russell, 1,934.84 for S&P; 60% of initial levels
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| Final barriers: | 16,003.17 for Dow, 883.99 for Russell, 1,934.84 for S&P; 60% of initial levels
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| Pricing date: | July 17
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| Settlement date: | July 22
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| Underwriter: | Barclays
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| Fees: | 0.9%
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| Cusip: | 06747Q4T1
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