Published on 7/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.43 million phoenix autocallable notes on Dow, Nasdaq
By Kiku Steinfeld
Chicago, July 6 – Barclays Bank plc priced $2.43 million of phoenix autocallable notes due Dec. 31, 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 9.5% 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
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average
|
| Amount: | $2,429,000
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| Maturity: | Dec. 31, 2021
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| Coupon: | 9.5% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| 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
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
|
| Initial level: | 25,745.60 for Dow, 10,101.83 for Nasdaq
|
| Coupon barriers: | 19,309.20 for Dow, 7,576.37 for Nasdaq; 75% of initial levels
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| Final barriers: | 19,309.20 for Dow, 7,576.37 for Nasdaq; 75% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 30
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| Agent: | Barclays
|
| Fees: | 2.65%
|
| Cusip: | 06747PX95
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