Published on 7/22/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.57 million phoenix autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus Ohio, July 22 – Barclays Bank plc priced $4.57 million of phoenix autocallable notes due July 21, 2022 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the SPDR S&P MidCap 400 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.35% if each asset closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus any coupon, unless any asset finishes below 70% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | S&P 500 index, Nasdaq-100 index, SPDR S&P MidCap 400 ETF trust
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Amount: | $4.57 million
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Maturity: | July 21, 2022
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Coupon: | 11.35% annualized, payable quarterly if each asset closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any asset finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing asset
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Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly call observation date
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Initial level: | 3,224.73 for S&P 500, 10,645.22 for Nasdaq, $334.59 for ETF
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Coupon barriers: | 2,257.31 for S&P 500, 7,451.65 for Nasdaq, $234.21 for ETF; 70% of initial levels
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Final barriers: | 2,257.31 for S&P 500, 7,451.65 for Nasdaq, $234.21 for ETF; 70% of initial levels
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Pricing date: | July 17
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Settlement date: | July 23
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06747QAK3
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