Published on 1/27/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.66 million autocallable notes tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 27 – Barclays Bank plc priced $1.66 million of autocallable notes due July 26, 2021 linked to the least performing index of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at a 7% annual rate if each index closes above its 70% coupon barrier on the relevant observation date.
After six months, the notes will be automatically called at par plus the coupon if each index closes above its initial level on any monthly observation date except the final one.
If the notes are not called, the payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 70% barrier level, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
|
| Underlying assets: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $1,664,000
|
| Maturity: | July 26, 2021
|
| Coupon: | 7% contingent monthly coupon if each index closes above 70% coupon barrier on relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If notes are not called, par unless any index finishes below its initial level and any index ever closes below its 70% barrier level, in which case investors will be fully exposed to the decline of the worst performing index
|
| Call: | At par plus coupon if each index closes above initial level on any monthly observation date after six months, except final one
|
| Initial levels: | 9,166.63 for Nasdaq, 1,685.9 for Russell, 29,196.04 for Dow
|
| Coupon barrier levels: | 6,416.64 for Nasdaq, 1,180.13 for Russell, 20,437.23 for Dow, 70% of initial levels
|
| Barrier levels: | 6,416.64 for Nasdaq, 1,180.13 for Russell, 20,437.23 for Dow, 70% of initial levels
|
| Pricing date: | Jan. 21
|
| Settlement date: | Jan. 24
|
| Agent: | Barclays
|
| Fees: | 2.075%
|
| Cusip: | 06747P2U2
|
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