Published on 6/25/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.37 million 10% autocallable fixed-coupon notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, June 25 – Barclays Bank plc priced $3.37 million of autocallable fixed-coupon notes due June 22, 2023 linked to the common stocks of Public Service Enterprise Group Inc., Consolidated Edison, Inc., Southern Co. and Dominion Energy, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 10% per year and will be payable monthly.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly call valuation date after six months.
If the notes are not called, the payout at maturity will be par unless any stock finishes below its barrier level, 60% of its initial level, in which case the payout will be par minus the decline of the least-performing stock or, at the issuer’s option, a number of shares of the least-performing stock equal to $1,000 divided by that stock’s initial share price.
Barclay is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable fixed-coupon notes
|
| Underlying indexes: | Public Service Enterprise Group Inc., Consolidated Edison, Inc., Southern Co. and Dominion Energy, Inc.
|
| Amount: | $3,369,000
|
| Maturity: | June 22, 2023
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Call: | At par if each index closes at or above initial level on any monthly call valuation date after six months
|
| Payout at maturity: | Par unless any stock finishes below its barrier level, in which case par minus decline of least-performing stock or, at issuer’s option, number of shares of least-performing stock equal to $1,000 divided by that stock’s initial share price
|
| Initial levels: | $48.71 for Public Service, $71.44 for ConEd, $53.61 for Southern, $81.72 for Dominion
|
| Barrier levels: | $29.23 for Public Service, $42.86 for ConEd, $32.17 for Southern, $49.03 for Dominion; 60% of initial levels
|
| Pricing date: | June 19
|
| Settlement date: | June 24
|
| Agent: | Barclays
|
| Fees: | 4%
|
| Cusip: | 06741WHM5
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