Published on 1/17/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million three-year review notes tied to S&P, Nasdaq
By Susanna Moon
Chicago, Jan. 17 – Barclays Bank plc priced $1 million of 0% review notes due Jan. 18, 2022 linked to the worse performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a call premium of 10.95% per year if each index closes at or above its call level on any annual review date. The call level will be equal to the initial level for the first two annual review dates and 75% of the initial level for the final date.
If the notes are not called, the payout at maturity will be par plus the return of the worse performing index with full exposure to any losses.
Barclays is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
Issuer: | Barclays Bank plc
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Issue: | Review notes
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Underlying indexes: | S&P 500 index, Nasdaq-100 index
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Amount: | $1 million
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Maturity: | Jan. 18, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus the return of the worse performing index with full exposure to any losses
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Call: | At par plus 10.95% per year if each index closes at or above call level on any annual review date; call level is initial level for first two annual review dates and equal to barrier level on final date
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Initial level: | 2,610.30 for S&P, 6,669.638 for Nasdaq
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Barrier level: | 1,957.73 for S&P, 5,002.229 for Nasdaq, 75% of initial level
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Pricing date: | Jan. 15
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Settlement date: | Jan. 18
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Underwriter: | Barclays with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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Fees: | 1%
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Cusip: | 06747MB21
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