Published on 12/27/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.14 million callable contingent coupon notes on index, ETF
By Sarah Lizee
Olympia, Wash., Dec. 27 – Barclays Bank plc priced $2.14 million of callable contingent coupon notes due Dec. 23, 2022 linked to the least performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a coupon at an annualized rate of 13.75% if each asset closes at or above its coupon barrier value, 65% of its initial level, on the observation date for that period.
The notes are callable at par plus any coupon due on any coupon payment date after six months.
If each asset finishes at or above its barrier value, 65% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2,142,000
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| Maturity: | Dec. 23, 2022
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| Contingent coupon: | 13.75% per year, payable each six months if each asset closes at or above coupon barrier value on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier value, par plus coupon; otherwise, full exposure to losses of least-performing asset
|
| Call option: | At par plus any coupon due on any coupon payment date after six months
|
| Initial levels: | 3,221.22 for index, $23.22 for ETF
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| Coupon barriers: | 2,093.79 for index, $15.09 for ETF; 65% of initial levels
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| Barrier values: | 2,093.79 for index, $15.09 for ETF; 65% of initial levels
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| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 30
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| Agent: | Barclays
|
| Fees: | 0.55%
|
| Cusip: | 06747NTR5
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