Published on 8/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $88,000 autocallable notes tied to Russell, S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Barclays Bank plc priced $88,000 of autocallable notes due Feb. 26, 2021 linked to the least performing index of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualize rate of 6.75% if each index closes above its coupon barrier, 70% of its initial level on the related observation date.
The notes will be automatically called at par if each index closes above its initial level on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 70% barrier level any day during the life of the notes, in which case investors will be fully exposed to the decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable notes
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| Underlying assets: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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| Amount: | $88,000
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| Maturity: | Feb. 26, 2021
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| Coupon: | 6.75%, payable monthly if each index closes above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless final level of the least-performing underlying is less than initial level and any index has ever closed below 70% barrier level during life of notes; otherwise, 1% loss for each 1% decline of the least-performing index
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| Call: | At par if each index closes above initial level on any monthly observation date after six months
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| Initial levels: | 25,777.9 for Dow, 1,456.04 for Russell, 2,869.16 for S&P
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| Coupon barriers: | 18,044.53 for Dow, 1,019.23 for Russell, 2,008.41 for S&P, 70% of initial levels
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| Barrier levels: | 18,044.53 for Dow, 1,019.23 for Russell, 2,008.41 for S&P, 70% of initial levels
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 30
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| Agent: | Barclays
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| Fees: | 2.175%
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| Cusip: | 06747NBT0
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