Published on 7/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallable notes on S&P, Russell
By Kiku Steinfeld
Chicago, July 6 – Barclays Bank plc priced $1 million of phoenix autocallable notes due June 30, 2025 linked to the least performing of the S&P 500 index and the Russell 2000 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 7.5% if each index closes at or above its 75% 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 call observation date after one year.
The payout at maturity will be par plus the coupon, unless either index finishes below 75% 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
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | Russell 2000, S&P 500
|
| Amount: | $1 million
|
| Maturity: | June 30, 2025
|
| Coupon: | 7.5% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either index finishes below final barrier, 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 call observation date after one year
|
| Initial level: | 3,083.76 for S&P, 1,413.32 for Russell
|
| Coupon barriers: | 2,312.82 for S&P, 1,059.99 for Russell, 75% of initial levels
|
| Final barriers: | 2,312.82 for S&P, 1,059.99 for Russell, 75% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 30
|
| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06747PXM6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
