Published on 11/22/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.55 million phoenix autocallables tied to S&P 500 ETF, Invesco QQQ
By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – Barclays Bank plc priced $2.55 million of phoenix autocallable notes due Nov. 22, 2024 linked to the least performing of the SPDR S&P 500 ETF and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes will pay a contingent coupon at an annual rate of 7% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any semiannual call valuation date.
The payout at maturity will be par unless any asset finishes below its 65% barrier level, in which case investors will be fully exposed to the loss of the least performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | SPDR S&P 500 ETF, Invesco QQQ Trust, Series 1
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| Amount: | $2,545,000
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| Maturity: | Nov. 22, 2024
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| Coupon: | 7% annualized, payable each six months that each asset closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon, if any, unless any asset finishes below barrier level, in which case 1% loss per 1% decline of the worst performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any semiannual valuation date
|
| Initial levels: | $311.93 for S&P ETF, $203.36 for QQQ
|
| Coupon barriers: | $218.35 for S&P ETF, $142.35 for QQQ; 70% of initial levels
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| Barrier levels: | $202.75 for S&P ETF, $132.18 for QQQ; 65% of initial levels
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 22
|
| Agent: | Barclays
|
| Fees: | 1.57%
|
| Cusip: | 06747NRU0
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