Published on 6/18/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $565,000 autocallable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, June 18 – Barclays Bank plc priced $565,000 of autocallable contingent coupon notes due June 20, 2028, linked to the worst performing of the Euro Stoxx Banks index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 10.5% if each asset closes at or above its coupon barrier level, 55% of its initial level, on the valuation date for that period.
The notes will be called at par plus the coupon due if each index closes above its initial level on any quarterly valuation date.
If each asset finishes at or above its final barrier level, 55% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying assets: | Euro Stoxx Banks index, Dow Jones industrial average and Russell 2000 index
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Amount: | $565,000
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Maturity: | June 20, 2028
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Contingent coupon: | 10.5% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | If each asset finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing asset
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Call: | At par plus coupon if each index closes above initial level on any quarterly valuation date
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Initial level: | 61.67 for Stoxx, 1,419.61 for Russell, 25,763.16 for Dow
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Coupon barriers: | 33.92 for Stoxx, 780.79 for Russell, 14,169.74 for Dow; 55% of initial levels
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Final barriers: | 33.92 for Stoxx, 780.79 for Russell, 14,169.74 for Dow; 55% of initial levels Pricing date: | June 15
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Settlement date: | June 18
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Underwriter: | Barclays
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Fees: | 1%
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Cusip: | 06747PZM4
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