Published on 4/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $494,000 of phoenix autocallables tied to Nasdaq, Dow
By Sarah Lizee
Olympia, Wash., April 3 – Barclays Bank plc priced $494,000 of phoenix autocallable notes due March 31, 2020 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.
Each quarter, the notes will pay a contingent coupon at the rate of 7.6% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus any final contingent coupon unless either index finishes below its initial value and either index has finished below its 75% barrier level during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index declines.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Nasdaq-100 index and Dow Jones industrial average
|
| Amount: | $494,000
|
| Maturity: | March 31, 2020
|
| Coupon: | 7.6% per year payable quarterly if each index closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any final contingent coupon unless either index finishes below its initial level and either index finishes below its barrier level during the life of the notes, in which case 1% loss for every 1% that lesser-performing index finishes below its initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly call observation date after six months
|
| Initial levels: | 7,378.77 for Nasdaq, 25,928.68 for Dow
|
| Coupon barriers: | 5,534.08 for Nasdaq, 19,446.51 for Dow, 75% of initial levels
|
| Barrier levels: | 5,534.08 for Nasdaq, 19,446.51 for Dow, 75% of initial levels
|
| Pricing date: | March 29
|
| Settlement date: | April 3
|
| Agent: | Barclays
|
| Fees: | 0.85%
|
| Cusip: | 06747MGJ9
|
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