Published on 3/26/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.5 million callable contingent coupon notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, March 26 – Barclays Bank plc priced $2.5 million of callable contingent coupon notes due March 22, 2022 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at annual rate of 10.5% if each underlier closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be callable quarterly at par plus any coupon due on any semiannual call valuation date after a year.
The payout at maturity will be par plus any final coupon due unless any underlier finishes below the 60% downside barrier, in which case investors will lose 1% for each 1% decline of the worst performing underlier from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underliers: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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Amount: | $2,499,000
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Maturity: | March 22, 2022
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Coupon: | 10.5%, payable semiannually if each underlier closes at or above coupon barrier on observation date
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Price: | Par
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Call option: | At par plus any coupon due on any semiannual call valuation date after a year
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Payout at maturity: | Par plus any coupon if all underlying indexes close above barrier level; otherwise 1% for each 1% decline of worse performing underlier from initial level
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Initial levels: | 21,237.38 for Dow, 2,529.19 for S&P, 1,106.506 for Russell
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Coupon barriers: | 12,742.43 for Dow, 1,517.51 for S&P, 663.91 for Russell, 60% of initial levels
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Barrier values: | 12,742.43 for Dow, 1,517.51 for S&P, 663.91 for Russell, 60% of initial levels
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Pricing date: | March 17
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Settlement date: | March 20
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Agent: | Barclays
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Fees: | 1.95%
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Cusip: | 06747PK57
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