Published on 6/4/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $846,000 autocallable notes tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, June 4 – Barclays Bank plc priced $846,000 of autocallable notes due May 28, 2021 linked to the least performing index 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 be pay a quarterly contingent coupon at an annualized rate of 13.5% if each index closes at or above its coupon barrier, 70% of its initial level on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if each index closes above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 60% knock-in 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
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| Issue: | Autocallable notes
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| Underlying assets: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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| Amount: | $846,000
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| Maturity: | May 28, 2021
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| Coupon: | 13.5%, payable quarterly if each index closes at or above its coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If notes are not called, par unless any index finishes below its initial level and any index ever closes below knock-in level during life of notes, in which case full exposure to decline of worst performing index
|
| Call: | At par plus a coupon if each index closes above on any quarterly observation date
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| Initial levels: | 1,393.07 for Russell, 2,991.77 for S&P, 24,995.11 for Dow
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| Coupon barriers: | 975.15 for Russell, 2,094.24 for S&P, 17,496.58 for Dow, 70% of initial levels
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| Knock-in levels: | 835.84 for Russell, 1,795.06 for S&P, 14,997.07 for Dow, 60% of initial levels
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| Pricing date: | May 26
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| Settlement date: | May 29
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| Agent: | Barclays
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| Fees: | 2.175%
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| Cusip: | 06747PUK3
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