Published on 11/20/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.43 million contingent income callable notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Barclays Bank plc priced $9.43 million of contingent income callable securities due May 19, 2022 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 6.5% per year if each index closes at or above its downside threshold level, 65% of its initial level, on the observation date that quarter.
The notes are callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Nasdaq-100, S&P 500 and Russell 2000
|
| Amount: | $9,434,000
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| Maturity: | May 19, 2022
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| Coupon: | 6.5% per year, payable quarterly if each index closes at or above downside threshold level on observation date that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
|
| Call option: | Callable at par on any quarterly coupon payment date other than final one
|
| Initial levels: | 1,596.454 for Russell, 8,315.523 for Nasdaq, 3,120.46 for S&P
|
| Downside threshold levels: | 1,037.695 for Russell, 5,405.09 for Nasdaq, 2,028.299 for S&P, or 65% of initial levels
|
| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
|
| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06747NQB3
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