Published on 12/20/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.93 million phoenix autocallable notes on Dow, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Dec. 20 – Barclays Bank plc priced $2.93 million of phoenix autocallable notes Dec. 14, 2029 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.75% if each index closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning in September 2020 and ending in September 2029.
The payout at maturity will be par plus the coupon, if any, unless any index finishes below 64% of its initial value, in which case investors will be fully exposed to the decline of the least performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $2,932,000
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| Maturity: | Dec. 14, 2029
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| Coupon: | 6.75% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any index finishes below 64% of its initial value, in which case investors will be fully exposed to the decline of the worst performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date beginning in September 2020 and ending in September 2029
|
| Initial level: | 27,911.30 for Dow, 1,631.93 for Russell, 8,402.61 for Nasdaq
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| Coupon barriers: | 19,537.91 for Dow, 1,142.35 for Russell, 5,881.83 for Nasdaq; 70% of initial levels
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| Final barriers: | 17,863.23 for Dow, 1,044.44 for Russell, 5,377.67 for Nasdaq; 64% of initial levels
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 16
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| Agent: | Barclays
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| Fees: | 4.5%
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| Cusip: | 06747NVT8
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