Published on 3/13/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.07 million callable contingent coupon notes on Dow, Russell
By Kiku Steinfeld
Chicago, March 13 – Barclays Bank plc priced $1.07 million of callable contingent coupon notes due March 9, 2023 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 6.5% if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that period.
The notes will be callable in whole at par plus any coupon due on any observation date after one year.
If the notes are not called and each index finishes at or above its buffer level, 80% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the least-performing index declines beyond 20%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000
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Amount: | $1.07 million
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Maturity: | March 9, 2023
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Contingent coupon: | 6.5% per year, payable each quarter that each index closes at or above coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above buffer level, par plus final coupon; otherwise, 1% loss for every 1% that least-performing index declines beyond 20%
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Call option: | At par plus any coupon due on any observation date after one year
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Initial index levels: | 25,864.78 for Dow, 1,449.22 for Russell
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Coupon barrier/barrier levels: | 20,691.82 for Dow, 1,159.38 for Russell; 80% of initial levels
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Pricing date: | March 6
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Settlement date: | March 11
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Agent: | Barclays
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Fees: | 0.5%
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Cusip: | 06747PEG0
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