Published on 6/25/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., June 25 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due June 26, 2029 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 8.25% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
After three months, the notes are callable at par on any interest payment date.
If each index finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Russell 2000, S&P 500 and Nasdaq-100
|
| Amount: | $500,000
|
| Maturity: | June 26, 2029
|
| Contingent coupon: | 8.25% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | After three months, at par on any interest payment date
|
| Initial levels: | 2,950.46 for S&P, 1,549.63 for Russell, 7,728.78 for Nasdaq
|
| Coupon barriers: | 2,065.32 for S&P, 1,084.74 for Russell, 5,410.15 for Nasdaq; 70% of initial levels
|
| Barrier levels: | 1,770.28 for S&P, 929.78 for Russell, 4,637.27 for Nasdaq; 60% of initial levels
|
| Pricing date: | June 21
|
| Settlement date: | June 26
|
| Agent: | Barclays
|
| Fees: | 3.75%
|
| Cusip: | 06747MZU3
|
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