Published on 3/8/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $11.16 million phoenix autocallables on SPDR Dow ETF, Russell, Nasdaq
By Kiku Steinfeld
Chicago, March 9 – Barclays Bank plc sold $11.16 million of phoenix autocallable notes due March 3, 2022 linked to the least performing of the SPDR Dow Jones industrial average exchange-traded fund, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.33% if each underlying asset closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly call valuation date.
The payout at maturity will be par plus the final contingent coupon unless any asset finishes below its 75% barrier value, in which case investors will be exposed to any losses of the worst performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | SPDR Dow Jones industrial average ETF, Russell 2000 index and Nasdaq-100 index
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| Amount: | $11,162,000
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| Maturity: | March 3, 2022
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| Coupon: | 9.33% annualized, payable each quarter that each asset closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below barrier value, in which case 1% loss per 1% decline of the worst performing asset
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly valuation date
|
| Initial values: | $269.74 for ETF, 1,552.76 for Russell, 8,873.76 for Nasdaq
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| Coupon barriers: | $202.31 for ETF, 1,164.57 for Russell, 6,655.32 for Nasdaq; 75% of initial values
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| Barrier values: | $202.31 for ETF, 1,164.57 for Russell, 6,655.32 for Nasdaq; 75% of initial values
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| Pricing date: | Feb. 26
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| Settlement date: | March 3
|
| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06747PDU0
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