Published on 12/6/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.36 million callable contingent coupon notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Dec. 6 – Barclays Bank plc priced $1.36 million of callable contingent coupon notes due Dec. 2, 2024 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 6.5% if each index closes at or above its coupon barrier value, 66% of its initial level, on the observation date for that quarter.
After six months, the notes are callable at par on any interest payment date.
If each index finishes at or above its barrier value, 55% of its initial level, the payout at maturity will be par. 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 notes
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Underlying indexes: | S&P 500, Russell 2000 and Dow Jones industrial average
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Amount: | $1,361,000
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Maturity: | Dec. 2, 2024
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Contingent coupon: | 6.5% per year, payable quarterly if each index closes at or above coupon barrier value on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier value, par; otherwise, full exposure to losses of least-performing index
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Call option: | At par on any interest payment date after six months
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Initial levels: | 3,140.52 for S&P 500, 1,624.23 for Russell 2000 and 28,121.68 for Dow industrials
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Coupon barriers: | 2,072.74 for S&P 500, 1,071.99 for Russell 2000 and 18,560.31 for Dow industrials, or 66% of initial levels
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Barrier values: | 1,727.29 for S&P 500, 893.33 for Russell 2000 and 15,466.92 for Dow industrials, or 55% of initial levels
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Pricing date: | Nov. 26
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Settlement date: | Dec. 2
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Agent: | Barclays
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Fees: | 1.025%
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Cusip: | 06747NSV7
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