Published on 3/5/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $920,000 callable contingent coupon notes linked to indexes
By Sarah Lizee
Olympia, Wash., March 5 – Barclays Bank plc priced $920,000 of callable contingent coupon notes due Aug. 29, 2023 linked to the least performing of the Russell 2000 index, the S&P 500 index and the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 8.35% if each index closes at or above its coupon barrier value, 70% 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 three months.
If the notes are not called and each index finishes at or above its barrier value, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | MSCI Emerging Markets index, Russell 2000 index, S&P 500 index
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| Amount: | $920,000
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| Maturity: | Aug. 29, 2023
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| Contingent coupon: | 8.35% initially, payable quarterly if each index closes at or above coupon barrier value on observation date for that period
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| Price: | Par
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| Payout at maturity: | If notes are not called and each index finishes at or above barrier value, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par plus any coupon due on any coupon payment date after three months
|
| Initial levels: | 3,128.21 for S&P, 1,571.90 for Russell, 1,056.54 for EM
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| Coupon barriers: | 2,189.75 for S&P, 1,100.33 for Russell, 739.58 for EM, 70% of initial levels
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| Barrier levels: | 2,189.75 for S&P, 1,100.33 for Russell, 739.58 for EM, 70% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 28
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06747PBE8
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