Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.82 million callable contingent coupon notes linked to indexes
By Sarah Lizee
Olympia, Wash., Dec. 30 – Barclays Bank plc priced $5.82 million of callable contingent coupon notes due June 23, 2023 linked to the least performing of the S&P 500 index, the Stoxx Europe 600 Banks index and the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 6% if each index closes at or above its coupon barrier value, 75% of its initial level, on the observation date for that period.
The notes are callable at par plus any coupon due on any coupon payment date other than the final one.
If each index finishes at or above its barrier value, 65% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline 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: | S&P 500 index, Stoxx Europe 600 Banks index and MSCI EAFE index
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Amount: | $5,815,000
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Maturity: | June 23, 2023
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Contingent coupon: | 10.2% per year, payable quarterly if each index closes at or above coupon barrier value on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier value, par plus coupon, if any; otherwise, full exposure to losses of least-performing index
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Call option: | At par plus any coupon due on any coupon payment date other than final one
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Initial levels: | 3,221.22 for S&P, 145.05 for Stoxx, 2,028.25 for EAFE
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Coupon barriers: | 2,415.92 for S&P, 108,79 for Stoxx, 1,521.19 for EAFE; 70% of initial levels
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Barrier values: | 2,093.79 for S&P, 94.28 for Stoxx, 1,318.36 for EAFE; 65% of initial levels
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Pricing date: | Dec. 20
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Settlement date: | Dec. 27
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06747NWY6
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