Published on 7/8/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $15.01 million trigger contingent yield notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., July 8 – Barclays Bank plc priced $15.01 million of trigger callable contingent yield notes with daily coupon observation due Jan. 6, 2023 linked to the least 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.
Each quarter, the notes pay a contingent coupon at the rate of 9% per year if each index’s closing level remains at or above its coupon barrier, 70% of its initial level, on each day during that quarter.
The notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 55% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Barclays are the underwriters.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger callable contingent yield notes with daily coupon observation
|
| Underlying indexes: | Nasdaq-100, Russell 2000 and S&P 500
|
| Amount: | $15,009,400
|
| Maturity: | Jan. 6, 2023
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| Coupon: | 9% per year, payable quarterly if each index closes at or above its coupon barrier on each day during that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
|
| Call option: | At par on each quarterly observation date other than final one
|
| Initial levels: | 7,857.690 for Nasdaq-100, 1,572.122 for Russell 2000 and 2,995.82 for S&P 500
|
| Coupon barriers: | 5,500.383 for Nasdaq-100, 1,100.485 for Russell 2000 and 2,097.07 for S&P 500, or 70% of initial levels
|
| Downside thresholds: | 4,321.730 for Nasdaq-100, 864.667 for Russell 2000 and 1,647.70 for S&P 500, or 55% of initial levels
|
| Pricing date: | July 3
|
| Settlement date: | July 9
|
| Underwriters: | UBS Financial Services Inc. and Barclays
|
| Fees: | 1%
|
| Cusip: | 06747C702
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