Published on 7/29/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.92 callable contingent coupon notes on indexes
By Kiku Steinfeld
Chicago, July 29 – Barclays Bank plc priced $1.92 of callable contingent coupon notes due July 11, 2024 linked to the least performing of the S&P 500 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
At Barclays’ option, the notes will be callable in whole at par on any coupon payment date beginning with the second date.
If each index finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500, Dow Jones industrial average and Nasdaq-100
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| Amount: | $1,924,000
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| Maturity: | July 11, 2024
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| Contingent coupon: | 8% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, exposure to losses of least-performing index
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| Call option: | At par on any coupon payment date beginning with the second date
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| Initial levels: | 2,975.95 for S&P, 26,806.14 for Dow, 7,785.79 for Nasdaq
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| Coupon barriers: | 2,083.17 for S&P, 18,764.30 for Dow, 5,450.05 for Nasdaq, 70% of initial levels
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| Barrier levels: | 1,785.57 for S&P, 16,083.68 for Dow, 4,671.47 for Nasdaq, 60% of initial levels
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| Pricing date: | July 8
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| Settlement date: | July 11
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| Agent: | Barclays
|
| Fees: | 0.975%
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| Cusip: | 06747N2U7
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