Published on 8/27/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10.02 million step down trigger autocallables linked to Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 27 – Barclays Bank plc priced $10.02 million of 0% step down trigger autocallable notes due Aug. 28, 2024 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
After one year, the notes will be automatically called at par of $10 plus 9.2% per year if each index closes at or above its call threshold level on any semiannual observation date. For each index, the call threshold level is equal to the initial index level for the first eight observation dates and 70% of the indexes’ respective initial index levels for the final observation date.
If the notes are not subject to an automatic call, then the final level of at least one index will be less than its downside threshold, 70% of its initial level, and investors will be exposed to the decline of the lesser-performing index from its initial level.
UBS Financial Services Inc. and Barclays are the underwriters.
| Issuer: | Barclays Bank plc
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| Issue: | Step down trigger autocallable notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $10,015,000
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| Maturity: | Aug. 28, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Full exposure to decline of lesser-performing index from initial level
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| Call: | Beginning Aug. 24, 2020, automatically at par plus 9.2% per year if each index closes at or above call threshold level on any semiannual observation date; call threshold levels equal initial index levels for first eight observation dates and 70% of indexes’ respective initial index levels for final observation date
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| Initial levels: | 1,459.485 for Russell 2000 and 2,847.11 for S&P 500 (closing levels on Aug. 23)
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| Downside thresholds: | 1,021.64 for Russell 2000 and 1,992.98 for S&P 500, or 70% of initial levels
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 28
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| Underwriters: | UBS Financial Services Inc. and Barclays
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| Fees: | 1.25%
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| Cusip: | 06747C298
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