Published on 10/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $100,000 autocallable notes tied to Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Barclays Bank plc priced $100,000 of 0% autocallable notes due Sept. 30, 2024 linked to the least performing index 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 be automatically called at par plus an annualized premium of 7% if each index closes above its call level on any annual observation date.
The call level will be 100% of the initial level on the first call valuation date and will step down by 5% each year to 80% on the fifth call observation date.
If the notes are not called, the payout at maturity will be par unless either index finishes below its 65% barrier level, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying assets: | Russell 2000 index, S&P 500 index
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| Amount: | $100,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If notes are not called, par unless final level of the least-performing underlying is less than 65% barrier level; otherwise, 1% loss for each 1% decline of the least-performing index
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| Call: | After one year at par plus 7% annualized premium if each index closes above call level on any annual observation date
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| Initial levels: | 1,550.654 for Russell, 2,984.87 for S&P
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| Barriers: | 1,007.92 for Russell, 1,940.17 for S&P, 65% of initial levels
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| Call levels: | 100% of initial levels on first call valuation date, will step down by 5% each year to 80% on the fifth call observation date
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06747NH64
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