Published on 8/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $435,000 step-up autocallable notes on Nasdaq, Russell
By Sarah Lizee
Olympia, Wash., Aug. 2 – Barclays Bank plc priced $435,000 of step-up autocallable notes due July 31, 2024 linked to the lesser performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if on the related observation date each index closes at or above its 70% coupon barrier. The contingent coupon will be 6% per year for the first 12 observation dates, 7% per year in months 13 to 16, and 10% per year onwards.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly review date after one year.
The payout will be par unless either index closes below 70% of its initial level, in which case investors will be fully exposed to the decline of the lesser performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Step-up autocallable notes
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| Underlying indexes: | Nasdaq-100 index and Russell 2000 index
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| Amount: | $435,000
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| Maturity: | July 31, 2024
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| Coupon: | Notes pay contingent coupon if on the related observation date each index closes at or above coupon barrier; coupon rate is 6% per year for the first 12 observation dates, 7% per year in months 13 to 16, and 10% per year onwards
|
| Price: | Par
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| Payout at maturity: | Par unless either index closes below 70% of its initial level, in which case investors will be fully exposed to the decline of the lesser performing index from its initial level
|
| Call: | Automatically called at par if each index closes at or above its initial level on any quarterly review date after one year
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| Initial levels: | 8,016.95 for Nasdaq, 1,578.97 for Russell
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| Barrier levels: | 5,611.87 for Nasdaq, 1,105.28 for Russell; 70% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06747N4P6
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