Published on 11/8/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.09 million autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., Nov. 8 – Barclays Bank plc priced $1.09 million of autocallable notes due April 30, 2021 linked to the least performing 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.
Each month, the notes pay a contingent coupon at the rate of 9% per year if each index closes at or above its barrier value, 70% of its initial level, on the observation date for that month.
After six months, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
If the notes are not called, the payout at maturity will be par unless any index closes below its barrier value during the life of the notes and the least-performing index finishes below its initial level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable notes
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 and S&P 500
|
| Amount: | $1,087,000
|
| Maturity: | April 30, 2021
|
| Coupon: | 9% per year, payable monthly if each index closes at or above barrier value on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any index closes below barrier value during life of notes and least-performing index finishes below initial level, in which case 1% loss for every 1% that least-performing index declines from initial level
|
| Call: | After six months, automatically at par if each index closes at or above initial level on any monthly observation date
|
| Initial levels: | 1,562.45 for Russell, 3,037.56 for S&P and 27,046.23 for Dow
|
| Barrier values: | 1,093.72 for Russell, 2,126.29 for S&P and 18,932.36 for Dow, or 70% of initial levels
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 5
|
| Agent: | Barclays
|
| Fees: | 0.55%
|
| Cusip: | 06747NJ70
|
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