Published on 11/22/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $9.47 million callable step-up contingent coupon notes on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – Barclays Bank plc priced $9.47 million of callable step-up contingent coupon notes due Nov. 25, 2022 linked to the lesser performing of the Russell 2000 index and the Nasdaq-100 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 60% coupon barrier on the observation date for that quarter. The contingent coupon will be 5% for the first year, stepping up to 7% beginning in February 2021 and to 10% starting in February 2022.
The notes are callable at par on any quarterly interest payment date.
The payout at maturity will be par plus the contingent coupon unless either underlying asset closes below its 60% barrier level, in which case investors will be exposed to any losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable step-up contingent coupon notes
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| Underlying indexes: | Russell 2000 index and Nasdaq-100 index
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| Amount: | $9.47 million
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| Maturity: | Nov. 25, 2022
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| Coupon: | Each quarter, notes pay contingent coupon unless any index closes below coupon barrier level on observation date for that quarter; coupon is 5% for the first year, stepping up to 7% beginning in February 2021 and to 10% beginning in February 2022
|
| Price: | Par
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| Payout at maturity: | Par unless either underlying asset closes below its barrier level, in which case investors will be exposed to any losses of the worst performing index
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| Call option: | In whole at par on any quarterly interest payment date
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| Initial levels: | 1,591.61 for Russell, 8,283.75 for Nasdaq
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| Coupon barrier levels: | 954.97 for Russell, 4,970.25 for Nasdaq; 60% of initial level
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| Barrier levels: | 954.97 for Russell, 4,970.25 for Nasdaq; 60% of initial level
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 22
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06747NP32
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