Published on 4/14/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $11.18 million callable contingent coupon notes on Dow, S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, April 14– Barclays Bank plc priced $11.18 million of callable contingent coupon notes due April 11, 2024 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 quarterly coupon at annual rate of 17% if each underlier closes at or above its coupon barrier, 70% 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 quarterly call valuation date after six months.
The payout at maturity will be par plus any final coupon due unless any underlier finishes below the 70% 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: | $11.18 million
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| Maturity: | April 11, 2024
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| Coupon: | 17%, payable quarterly 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 quarterly call valuation date after six months
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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: | 2,749.98 for S&P, 1,191.66 for Russell, 23,433.57 for Dow
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| Coupon barriers: | 1,924.99 for S&P, 834.16 for Russell, 16,403.5 for Dow, 70% of initial levels
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| Barrier values: | 1,924.99 for S&P, 834.16 for Russell, 16,403.5 for Dow, 70% of initial levels
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| Pricing date: | April 8
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| Settlement date: | April 16
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06747PMG1
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