Published on 5/23/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.59 million phoenix autocallables tied to S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, May 23 – Barclays Bank plc priced $3.59 million of phoenix autocallable notes due May 24, 2029 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.75% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any observation date beginning with the fourth observation date.
If the notes are not called, the payout at maturity will be par plus the final contingent coupon unless any index finishes below its 80% barrier level, in which case investors will lose 1% for every 1% that the least-performing index declines.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Nasdaq-100 index, S&P 500 and Russell 2000
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| Amount: | $3,587,000
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| Maturity: | May 24, 2029
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| Coupon: | 8.75% per year payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon unless any index finishes below barrier, in which case 1% loss for every 1% that least-performing index finishes below the barrier level
|
| Call: | Automatically at par if each index closes at or above initial level on any observation date beginning with the fourth date
|
| Initial index levels: | 7,376.7 for Nasdaq, 2,840.23 for S&P and 1,524.96 for Russell
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| Coupon barrier levels: | 5,901.36 for Nasdaq, 2,272.18 for S&P and 1,219.97 for Russell; 80% of initial levels
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| Final barrier levels: | 5,901.36 for Nasdaq, 2,272.18 for S&P and 1,219.97 for Russell; 80% of initial levels
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| Pricing date: | May 20
|
| Settlement date: | May 23
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| Agent: | Barclays
|
| Fees: | 4.5%
|
| Cusip: | 06747MTX4
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