Published on 11/7/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $898,000 contingent market-linked autocalls on S&P, Russell
By Sarah Lizee
Olympia, Wash., Nov. 7 – Barclays Bank plc priced $898,000 of market-linked securities due Oct. 27, 2023 – autocallable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.5% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning after six months.
The payout at maturity will be par unless either index finishes below its 75% barrier level, in which case investors will lose 1% for every 1% decline of the lesser performing index.
Wells Fargo Securities LLC is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $898,000
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| Maturity: | Oct. 27, 2023
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| Coupon: | 6.5% annualized, payable monthly if each index closes at or above coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 25%, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if each index closes at or above its initial level on any interest payment date after six months
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| Initial levels: | 3,046.77 for S&P, 1,572.847 for Russell 2000
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| Coupon threshold/barrier levels: | 2,285.0775 for S&P, 1,179.63525 for Russell 2000, 75% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 2.185%
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| Cusip: | 06747NKE3
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