Published on 3/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.51 million phoenix autocallables tied to Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, March 6 – Barclays Bank plc priced $1.51 million of phoenix autocallable notes due March 4, 2025 linked to the least performing of the Dow Jones industrial average and the Russell 2000 index , according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.75% if each underlying index closes at or above its 85% coupon barrier on the observation date for that period.
After one year the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call valuation date.
The payout at maturity will be par plus the coupon unless either index finishes below its 85% barrier level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | Russell 2000 index, Dow Jones industrial average,
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Amount: | $1,508,000
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Maturity: | March 4, 2025
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Coupon: | 6.75% annualized, payable each quarter that each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus contingent coupon, unless either index finishes below barrier level, in which case 1% loss per 1% decline of the worst performing index
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly valuation date after one year
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Initial levels: | 25,776.64 for Dow, 1,497.87 for Russell
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Coupon barriers/barriers: | 21,904.64 for Dow, 1,273.19 for Russell; 85% of initial levels
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Pricing date: | Feb. 27
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Settlement date: | March 3
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Agent: | Barclays
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Fees: | 4.1%
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Cusip: | 06747PBY4
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