Published on 9/10/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $24.99 million trigger autocallable contingent yield notes on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Sept. 10 – Barclays Bank plc priced $24.99 million of trigger autocallable contingent yield notes due Sept. 9, 2022 linked to the Dow Jones industrial average and the Russell 2000 index, 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 coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if both indexes close above their initial levels on any quarterly observation date.
The payout at maturity will be par plus the coupon unless either index finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underliers: | Dow Jones industrial average and Russell 2000 index
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| Amount: | $24,991,800
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| Maturity: | Sept. 9, 2022
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| Coupon: | 10.5%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | At par plus the coupon if both indexes close above their initial levels on any quarterly observation date
|
| Payout at maturity: | Par plus the coupon if both indexes finish above 70% of initial level; otherwise, 1% loss for each 1% decline of the worse performing index from initial level
|
| Initial levels: | 28,133.31 for Dow, 1,535.304 for Russell
|
| Coupon barriers: | 19,693.32 for Dow, 1,074.713 for Russell, 70% of initial levels
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| Downside thresholds: | 19,693.32 for Dow, 1,074.713 for Russell, 70% of initial levels
|
| Pricing date: | Sept. 4
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| Settlement date: | Sept. 10
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| Agents: | Barclays and UBS Financial Services Inc.
|
| Fees: | 1.5%
|
| Cusip: | 06747K720
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