Published on 8/13/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $904,000 callable contingent coupon notes linked to indexes
By Kiku Steinfeld
Chicago, Aug. 13 – Barclays Bank plc priced $904,000 of callable contingent coupon notes due July 31, 2029 linked to the least performing of the S&P 500 index, the Russell 2000 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 7% if each index closes at or above its coupon barrier value, 62.5% of its initial level, on the observation date for that quarter.
The notes are callable at par plus any coupon due on any coupon payment date after three months.
If each index finishes at or above its barrier value, 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
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500, Russell 2000 and Nasdaq-100
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| Amount: | $904,000
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| Maturity: | July 31, 2029
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| Contingent coupon: | 7% annualized rate, payable quarterly if each index closes at or above coupon barrier value on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier value, par plus any coupon due; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par on any interest payment date after three months
|
| Initial levels: | 8,016.95 for Nasdaq-100, 1,578.97 for Russell 2000 and 3,025.86 for S&P 500
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| Coupon barriers: | 5,010.60 for Nasdaq-100, 986.86 for Russell 2000 and 1,891.16 for S&P 500, or 62.5% of initial levels
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| Barrier values: | 4,810.17 for Nasdaq-100, 947.38 for Russell 2000 and 1,815.52 for S&P 500, or 60% 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: | 4%
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| Cusip: | 06747N4K7
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