Published on 11/12/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $652,000 callable contingent coupon notes on Russell, Nasdaq, Dow
By Kiku Steinfeld
Chicago, Nov. 12 – Barclays Bank plc priced $652,000 of callable contingent coupon notes due April 30, 2024 linked to the worst performing of the Nasdaq-100 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 9.5% 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.
If the notes are not redeemed, the payout at maturity will be par plus any final coupon unless any index finishes below 70% 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 agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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Amount: | $652,000
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Maturity: | April 30, 2024
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Contingent coupon: | 9.5% per year, payable each quarter that each index 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
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Initial level: | 26,501.60 for Dow, 1,538.48 for Russell, 11,052.95 for Nasdaq
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Coupon barriers: | 18,551.12 for Dow, 1,076.94 for Russell, 7,737.07 for Nasdaq, 70% of initial levels
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Final barriers: | 18,551.12 for Dow, 1,076.94 for Russell, 7,737.07 for Nasdaq, 70% of initial levels
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Pricing date: | Oct. 30
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Settlement date: | Nov. 4
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Agent: | Barclays
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Fees: | 0.85%
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Cusip: | 06747QMX2
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