Published on 12/16/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.97 million callable contingent coupon notes on S&P, Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 16 – Barclays Bank plc priced $1.97 million of callable contingent coupon notes due Sept. 13, 2024 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.2% if each underlying index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be callable at par plus any contingent coupon otherwise due on any quarterly call valuation date after one year.
The payout at maturity will be par plus any contingent coupon otherwise due unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to the loss 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: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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| Amount: | $1,967,000
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| Maturity: | Sept. 13, 2024
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| Coupon: | 6.2% annualized, payable each quarter that each index closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus any contingent coupon, if any, unless either index finishes below barrier level, in which case 1% loss per 1% decline of the worst performing index
|
| Call option: | At par plus contingent coupon on any quarterly call valuation date after one year
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| Initial levels: | 27,881.72 for Dow, 3,132.52 for S&P, 1,631.71 for Russell
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| Coupon barriers: | 19,517.2 for Dow, 2,192.76 for S&P, 1,142.2 for Russell; 70% of initial levels
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| Barrier levels: | 19,517.2 for Dow, 2,192.76 for S&P, 1,142.2 for Russell; 70% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 13
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06747NVV3
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