Published on 10/23/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.59 million callable contingent coupon notes on Russell, Nasdaq, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 23 – Barclays Bank plc priced $3.59 million of callable contingent coupon notes due July 19, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 9.65% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after six months.
If the notes are not redeemed, the payout at maturity will be par plus any final coupon unless any index finishes below 65% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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Amount: | $3,587,000
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Maturity: | July 19, 2024
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Contingent coupon: | 9.65% per year, payable each quarter that each asset closes at or above coupon barrier on the observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any index finishes below final barrier, in which case full exposure to any decline in least performing index
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Call option: | In whole at par plus any coupon due on any quarterly call date after six months
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Initial levels: | 1,633.81 for Russell, 11,853.17 for Nasdaq, 3,483.81 for S&P
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Coupon barriers: | 1,143.67 for Russell, 8,296.52 for Nasdaq, 2,483.67 for S&P; 70% of initial levels
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Final barriers: | 1,061.98 for Russell, 7,703.91 for Nasdaq, 2,264.48 for S&P; 65% of initial levels
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Pricing date: | Oct. 16
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Settlement date: | Oct. 21
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06747QMF1
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