Published on 2/10/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.43 million contingent income autocallables linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 10 – Barclays Bank plc priced $2.43 million of contingent income autocallable securities due Aug. 4, 2022 linked to the least performing of the Nikkei 225 index, 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 the rate of 8.4% per year if each index closes at or above its downside threshold level, 75% of its initial level, on every day for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly determination date other than the final determination date starting July 31.
The payout at maturity will be par unless any index finishes below its downside threshold level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Barclays is the agent. Distribution is through Morgan Stanley Wealth Management.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities
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Underlying indexes: | Nikkei 225, Russell 2000 and S&P 500
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Amount: | $2,427,000
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Maturity: | Aug. 4, 2022
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Coupon: | 8.4% per year, payable quarterly if each index closes at or above downside threshold on every day quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below downside threshold level, in which case exposure to decline of least-performing index
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Call: | Automatically at par if each index closes at or above initial level on any determination date other than final determination date starting July 31
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Initial levels: | 23,205.18 for Nikkei, 1,614.061 for Russell, 3,225.52 for S&P
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Downside thresholds: | 17,403.885 for Nikkei, 1,210.546 for Russell and 2,419.1 for S&P, or 75% of initial levels
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Pricing date: | Jan. 31
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Settlement date: | Feb. 5
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Agent: | Barclays
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Distribution: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 06747P5J4
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