Published on 10/2/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 callable contingent coupon notes on Russell 2000, Stoxx Banks
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due Sept. 28, 2029 linked to the least performing of the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12% if each underlying asset closes at or above its coupon barrier level, 68.5% of the initial value, on the related observation date.
The notes will be callable at par plus any coupon due on any coupon payment date other than the final coupon payment date.
If each asset finishes at or above its 60% barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Euro Stoxx Banks index, Russell 2000 index
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Amount: | $500,000
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Maturity: | Sept. 28, 2029
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Contingent coupon: | 12% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | If each asset finishes at or above barrier value, par plus any coupon due; otherwise, full exposure to decline of least-performing asset
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Call option: | At par plus coupon on any coupon payment date other than the final coupon payment date
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Initial values: | 1,550.65 for Russell 2000, 86.32 for Euro Stoxx Banks
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Coupon barriers: | 1,062.2 for Russell 2000, 59.13 for Euro Stoxx Banks, 68.5% of initial level
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Barrier values: | 930.39 for Russell 2000, 51.79 for Euro Stoxx Banks, 60% of initial level
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | Barclays
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Fees: | 4.5%
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Cusip: | 06747NFQ2
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