Published on 5/18/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $633,000 phoenix autocallable notes on Nasdaq-100, S&P, Dow
By Kiku Steinfeld
Chicago, May 18 – Barclays Bank plc priced $633,000 of phoenix autocallable notes due Feb. 20, 2025 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each index 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 index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus the coupon, unless any index finishes below 70% of its initial value, in which case investors will be fully exposed to the decline 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: | Dow Jones industrial average, S&P 500 index, Nasdaq-100 index
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Amount: | $633,000
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Maturity: | Feb. 20, 2025
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Coupon: | 7% annualized, payable quarterly if each index 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 coupon unless any index finishes below final barrier, in which case investors will be fully exposed to the 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 call observation date
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Initial level: | 2,852.50 for S&P, 23,625.34 for Dow, 9,094.43 for Nasdaq-100
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Coupon/final barriers: | 1,996.75 for S&P, 16,537.74 for Dow, 6,366.10 for Nasdaq-100; 70% of initial levels
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Pricing date: | May 14
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Settlement date: | May 20
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Agent: | Barclays
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Fees: | 3.6%
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Cusip: | 06747PTK5
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