Published on 11/22/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.17 million callable contingent coupon notes on Russell, Stoxx Banks
By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – Barclays Bank plc priced $1.17 million of callable contingent coupon equity-linked securities due Nov. 26, 2029 linked to the least performing of the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12.35% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that quarter.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If each index finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon. 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 equity-linked securities
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| Underlying indexes: | Euro Stoxx Banks index, Russell 2000 index
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| Amount: | $1.17 million
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| Maturity: | Nov. 26, 2029
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| Contingent coupon: | 12.35% per year, payable each quarter that each index closes at or above coupon barrier on the valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above final barrier, par plus the coupon; otherwise, full exposure to losses of least-performing index
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| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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| Initial levels: | 93.2 for Stoxx Banks, 1,591.61 for Russell
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| Coupon barriers: | 69.9 for Stoxx Banks, 1,193.71 for Russell; 75% of initial levels
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| Final barriers: | 55.92 for Stoxx Banks, 954.97 for Russell; 60% of initial levels
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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: | 4.5%
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| Cusip: | 06747NPB4
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