Published on 8/31/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.18 million contingent coupon autocalls on gold, silver ETFs
By Sarah Lizee
Olympia, Wash., Aug. 31 – Barclays Bank plc priced $7.18 million of autocallable contingent coupon notes due Aug. 30, 2024 linked to the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of 9.25% per annum if each ETF closes at or above its 70% coupon barrier level on the determination date for that month.
The notes will be automatically called at par plus the contingent coupon if each ETF closes at or above its initial level on any quarterly determination date after one year other than the final one.
If the notes are not called, the payout at maturity will be par plus the coupon unless any ETF finishes below its 70% buffer level, in which case investors will lose 1% for each 1% decline of the worst performing ETF beyond 30%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
|
| Amount: | $7,176,000
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| Maturity: | Aug. 30, 2024
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| Contingent coupon: | 9.25% per year payable monthly if each component closes at or above coupon barrier level on the determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF finishes below buffer level, in which case 1% loss for each 1% decline of worst-performing ETF beyond buffer
|
| Call option: | Automatically at par plus contingent coupon if each ETF closes at or above initial level on any quarterly date after one year other than final one
|
| Initial ETF levels: | $41.60 for gold ETF, $25.57 for silver ETF
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| Coupon barrier levels: | $29.12 for gold ETF, $17.90 for silver ETF; 70% of initial levels
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| Buffer levels: | $29.12 for gold ETF, $17.90 for silver ETF; 70% of initial levels
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Agent: | Barclays
|
| Fees: | 3.75%
|
| Cusip: | 06747QET0
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