Published on 9/3/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.1 million callable contingent coupon notes on Nasdaq, Dow
By Kiku Steinfeld
Chicago, Sept. 3 – Barclays Bank plc priced $1.1 million of callable contingent coupon notes due Aug. 31, 2023 linked to the lesser performing of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a coupon at an annualized rate of 7% if each index closes at or above its coupon barrier value, 73% of its initial level, on the observation date for that month.
The notes are callable at par on any interest payment date after one year.
If each index finishes at or above its final buffer value, 73% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1.36986% for every 1% that the least-performing index declines beyond 27%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1,095,000
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Maturity: | Aug. 31, 2023
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Contingent coupon: | 7% per year, payable monthly if each index closes at or above coupon barrier value on observation date for that month
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Price: | Par
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Payout at maturity: | If each index finishes at or above final buffer value, par; otherwise, 1.36986% loss for every 1% that least-performing index declines beyond 27%
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Call option: | At par on any interest payment date after one year
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Initial levels: | 28,492.27 for Dow, 11,926.16 for Nasdaq
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Coupon barrier values: | 20,799.36 for Dow, 8,706.10 for Nasdaq, or 73% of initial levels
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Barrier values: | 20,799.36 for Dow, 8,706.10 for Nasdaq, or 73% of initial levels
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Pricing date: | Aug. 28
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Settlement date: | Sept. 1
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Agent: | Barclays
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Fees: | 0.35%
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Cusip: | 06747QFG7
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