Published on 4/8/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $152,000 autocallable notes tied to Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, April 8 – Barclays Bank plc priced $152,000 of autocallable notes due March 31, 2021 linked to the least performing index of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annualized rate of 11.75% if each index closes above its coupon barrier, 75% of its initial level on the related observation date.
After six months, the notes will be automatically called at par plus any coupon if each index closes above its initial level on any observation date except the final one.
If the notes are not called, the payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 75% barrier level any day during the life of the notes, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
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| Underlying assets: | Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $152,000
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| Maturity: | March 31, 2021
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| Coupon: | 11.75% per year, payable quarterly if each index closes above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon unless final level of the least-performing underlying is less than initial level and either index has ever closed below 75% barrier level during life of notes; otherwise, 1% loss for each 1% decline of least-performing index
|
| Call: | After six months, at par if each index closes above initial level on any quarterly observation date except final date
|
| Initial levels: | 21,917.16 for Dow, 7,813.5 for Nasdaq
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| Coupon barriers: | 16,437.87 for Dow, 5,860.13 for Nasdaq, 75% of initial levels
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| Barrier levels: | 16,437.87 for Dow, 5,860.13 for Nasdaq, 75% of initial levels
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| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | Barclays
|
| Fees: | 0.85%
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| Cusip: | 06747PGR4
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