Published on 3/27/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $233,000 callable contingent coupon notes on S&P, oil fund
By Wendy Van Sickle
Columbus, Ohio, March 27 – Barclays Bank plc priced $233,000 of callable contingent coupon notes due March 23, 2023 linked to the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a semiannual contingent coupon at an annualized rate of 49% if each underlying component closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that period.
The payout at maturity will be par unless either component finishes below its 65% barrier level, in which case investors will be fully exposed to any losses of the worse performing component.
The notes are callable at par plus any coupon on any contingent coupon payment date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying components: | S&P 500 index and SPDR S&P Oil & Gas Exploration & Production exchange-traded fund
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| Amount: | $233,000
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| Maturity: | March 23, 2023
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| Coupon: | 49%, payable semiannually if each component closes at or above barrier level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless either component finishes below its 65% barrier level, in which case investors will be fully exposed to any losses of the worse performing component
|
| Call option: | At par plus any coupon on any interest payment date
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| Initial levels: | 2,304.92 for S&P 500, $8.25for oil and gas ETF
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| Coupon barrier levels: | 1,498.2 for S&P 500, $5.36 for oil and gas ETF, 65% of initial levels
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| Barrier levels: | 1,498.2 for S&P 500, $5.36 for oil and gas ETF, 65% of initial levels
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| Pricing date: | March 20
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| Settlement date: | March 27
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| Agent: | Barclays
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| Fees: | 0.55%
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| Cusip: | 06747PEQ8
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