Published on 9/11/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 callable contingent coupon notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 11 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due March 9, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 7.75% if each index closes at or above its coupon barrier value, 70% 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 six months.
If each index finishes at or above its barrier value, 60% of its initial level, the payout at maturity will be par plus the coupon, if any. 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 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $500,000
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| Maturity: | March 9, 2023
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| Contingent coupon: | 7.75% per year, 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 coupon, if any; otherwise, full exposure to losses of least-performing index
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| Call option: | At par plus any coupon due on any coupon payment date after six months
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| Initial levels: | 2,937.78 for S&P, 1,484.76 for Russell, 26,355.47 for Dow
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| Coupon barriers: | 2,056.45 for S&P, 1,039.33 for Russell, 18,482.3 for Dow; 70% of initial levels
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| Barrier values: | 1,762.67 for S&P, 890.86 for Russell, 15,813.28 for Dow; 60% of initial levels
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| Pricing date: | Sept. 4
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| Settlement date: | Sept. 9
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06747NFW9
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