Published on 7/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.62 million dual directional buffered PLUS on S&P
By Kiku Steinfeld
Chicago, July 6 – Barclays Bank plc priced $6.62 million of 0% dual directional buffered Performance Leveraged Upside Securities due Jan. 3, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above its initial level, the payout at maturity will be par plus 1.02 the gain, up to $11.21 per $10 PLUS.
If the index falls but not by more than 10%, the payout will be par plus the absolute value of the return of the index.
Otherwise, investors will be exposed to any decline in the index beyond the 10% buffer.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Dual directional buffered Performance Leveraged Upside Securities
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Underlying index: | S&P 500 index
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Amount: | $6,619,690
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Maturity: | Jan. 3, 2022
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index gains, par plus 1.02 the index return, up to $11.21 per PLUS; if index falls by up to 10%, par plus absolute value of the return of the index; otherwise, exposure to any decline of index beyond 10%
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Initial level: | 3,009.0
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Buffer level: | 2,708.145, 90% of initial level
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Pricing date: | June 26
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Settlement date: | July 1
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 06747H248
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