Published on 12/9/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $916,000 callable contingent coupon notes on S&P, Russell
Chicago, Dec. 9 – Barclays Bank plc priced $916,000 of callable contingent coupon notes due Nov. 30, 2029 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 quarterly coupon at an initial annual rate of 7% if each underlier closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be callable quarterly at par plus any coupon due on any quarterly call valuation date after six months.
The payout at maturity will be par plus any coupon due unless either underlier finishes below the 60% downside barrier, in which case investors will lose 1% for each 1% decline of the worst performing underlier from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underliers: | S&P 500 index and Russell 2000 index
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Amount: | $916,000
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Maturity: | Nov. 30, 2029
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Coupon: | 7%, payable quarterly if each underlier closes at or above coupon barrier on observation date
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Price: | Par
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Call: | At par plus any coupon due, quarterly
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Payout at maturity: | Par plus any coupon if both indexes close above 60% of initial level; otherwise 1% for each 1% decline of the worse performing underlier from initial level
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Initial levels: | 3,153.63 for S&P, 1,634.10 for Russell
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Coupon barriers: | 2,207.54 for S&P, 1,143.87 for Russell, 70% of initial levels
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Barrier values: | 1,892.18 for S&P, 980.46 for Russell, 60% of initial levels
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Pricing date: | Nov. 27
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Settlement date: | Dec. 3
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06747NQN7
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