Published on 8/7/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $9 million callable contingent coupon notes on S&P, Russell, Dow
By Kiku Steinfeld
Chicago, Aug. 7 – Barclays Bank plc priced $9 million of callable contingent coupon notes due April 30, 2024 linked to the least performing of the S&P 500 index, 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 quarterly coupon at an annualized rate of 11% if each underlying asset closes at or above its coupon barrier level, 70% of the initial value, on the related quarterly observation date.
The notes will be callable in whole at par on any contingent coupon payment date after six months.
If each asset finishes at or above its 60% barrier 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 agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $9,000,000
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| Maturity: | April 30, 2024
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| Contingent coupon: | 11% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier value, par; otherwise, full exposure to decline of least-performing asset
|
| Call option: | At par on any contingent coupon payment date after six months
|
| Initial values: | 26,428.32 for Dow, 1,480.427 for Russell, 3,271.12 for S&P
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| Coupon barriers: 18,499.82 for Dow, 1,036.30 for Russell, 2,289.78 for S&P; 70% of initial values
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| Barrier values: | 15,856.99 for Dow, 888.26 for Russell, 1,962.67 for S&P; 60% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 5
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| Agent: | Barclays
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| Fees: | 0.875%
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| Cusip: | 06747QAX5
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