Published on 8/7/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.69 million contingent coupon autocallables on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 7 – Barclays Bank plc priced $7.69 million of autocallable contingent coupon notes due July 31, 2024 linked to 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 monthly coupon of 6% per annum if each index closes at or above its 80% coupon barrier level on the determination date for that month.
Beginning a year after issuance, the notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call determination date other than the final one.
If the notes are not called, the payout at maturity will be par plus the coupon unless any index finishes below its 80% buffer level, in which case investors will lose 1% for each 1% decline of the worst performing index beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | Dow Jones industrial average and Russell 2000 index
|
| Amount: | $7,689,000
|
| Maturity: | July 31, 2024
|
| Contingent coupon: | Contingent monthly coupon of 6% if each component closes at or above coupon barrier level on the determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below buffer level, in which case 1% loss for each 1% decline of worst-performing index beyond 20%
|
| Call option: | Beginning one year after issuance, automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call determination date other than final one
|
| Initial index levels: | 26,379.28 for Dow, 1,469.76 for Russell
|
| Coupon barrier levels: | 21,103.42 for Dow, 1,175.81 for Russell; 80% of initial levels
|
| Buffer levels: | 21,103.42 for Dow, 1,175.81 for Russell; 80% of initial levels
|
| Pricing date: | July 28
|
| Settlement date: | July 31
|
| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06747Q6S1
|
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