Published on 5/19/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $643,000 phoenix autocallable notes on Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, May 19 – Barclays Bank plc priced $643,000 of phoenix autocallable notes due Nov. 18, 2021 linked to the least performing of the Nasdaq-100 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 10.5% if each index closes at or above its 75% 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 after six months.
The payout at maturity will be par unless any index finishes below 75% 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, Nasdaq-100
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Amount: | $643,000
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Maturity: | Nov. 18, 2021
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Coupon: | 10.5% 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 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 after six months
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Initial level: | 9,152.64 for Nasdaq, 23,685.42 for Dow
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Coupon/final barriers: | 6.864.48 for Nasdaq, 16,647.07 for Dow; 75% of initial levels
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Pricing date: | May 15
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Settlement date: | May 20
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Agent: | Barclays
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Fees: | 2.65%
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Cusip: | 06747PRU5
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