Published on 2/26/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $746,000 contingent coupon autocallable notes tied to two ETFs
By Sarah Lizee
Olympia, Wash., Feb. 26 – Barclays Bank plc priced $746,000 of autocallable notes due Feb. 25, 2022 linked to the least performing of the VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon of 10.8% per year if each asset closes at or above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par if each asset closes at or above its initial level on any quarterly call valuation date.
The payout at maturity will be par unless either asset closes below its 60% barrier level on any day during the life of the notes, in which case investors will lose 1% for each 1% decline of the worse performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
|
| Underliers: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $746,000
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| Maturity: | Feb. 25, 2022
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| Coupon: | 10.8% per year, payable quarterly if each underlier closes at or above coupon barrier on determination date
|
| Price: | Par
|
| Payout at maturity: | Par unless either asset closes below its barrier level on any day during the life of the notes, in which case investors will lose 1% for each 1% decline of the worse performing asset
|
| Call: | Automatically at par if each underlier closes at or above initial level on any quarterly determination date
|
| Initial levels: | $29.75 for gold ETF, $19.13 for oil ETF
|
| Coupon barriers: | $17.85 for gold ETF, $11.48 for oil ETF; 70% of initial levels
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| Barrier levels: | $17.85 for gold ETF, $11.48 for oil ETF; 70% of initial levels
|
| Pricing date: | Feb. 19
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| Settlement date: | Feb. 24
|
| Agent: | Barclays
|
| Fees: | 2.15%
|
| Cusip: | 06747PC31
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