Published on 8/29/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million callable step-up contingent coupon notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 29 – Barclays Bank plc priced $2 million of callable step-up contingent coupon notes due Aug. 30, 2029 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate if each underlying asset closes at or above its 75% coupon barrier on the observation date for that quarter. The contingent coupon will be 7% for the first five years, stepping up to 8.5% beginning in November 2024 and to 10% in November 2027.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either underlying asset closes below its 60% trigger level, in which case investors will be exposed to any losses of the worse performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable step-up contingent coupon notes
|
| Underlying indexes: | Russell 2000 index and the S&P 500 index
|
| Amount: | $2,002,000
|
| Maturity: | Aug. 30, 2029
|
| Coupon: | Each quarter, notes pay contingent coupon unless any index closes below coupon barrier level on observation date for that quarter; coupon is 7% for the first five years, stepping up to 8.5% beginning in November 2024 and to 10% in November 2027
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlying asset closes below its trigger level, in which case investors will be exposed to any losses of the worse performing index
|
| Call option: | In whole at par on any quarterly early redemption date
|
| Initial levels: | 2,869.16 for S&P, 1,456.04 for Russell
|
| Coupon barrier levels: | 2,151.87 for S&P, 1,092.03 for Russell; 75% of initial level
|
| Trigger levels: | 1,721.5 for S&P, 873.62 for Russell; 60% of initial level
|
| Pricing date: | Aug. 27
|
| Settlement date: | Aug. 30
|
| Agent: | Barclays
|
| Fees: | 4%
|
| Cusip: | 06747NAH7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
