Published on 5/28/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $33.01 million trigger autocallable contingent yield notes on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, May 28 – Barclays Bank plc priced $33.01 million of trigger autocallable contingent yield notes due June 2, 2023 linked to the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.2% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless the laggard index finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the laggard index from its initial level.
UBS Financial Services Inc. and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | S&P 500 index, Nasdaq-100 index
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Amount: | $33,009,690
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Maturity: | June 2, 2023
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Coupon: | 10.2%, payable quarterly if laggard index closes at or above coupon barrier on related observation date
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Price: | Par of $10
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Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
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Payout at maturity: | Par plus coupon if each index closes above downside threshold; otherwise 1% for each 1% decline of laggard index from initial level
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Initial level: | 9,442.046 for Nasdaq and 3,046.13 for S&P
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Coupon barrier: | 6,609.432 for Nasdaq and 2,125.29 for S&P, or 70% of initial levels
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Downside threshold: | 6,609.432 for Nasdaq and 2,125.29 for S&P, or 70% of initial levels
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Pricing date: | May 27
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Settlement date: | May 29
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Agents: | UBS Financial Services Inc. and Barclays
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Fees: | 2%
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Cusip: | 06747H586
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