Published on 4/20/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $85,000 capped buffered return enhanced notes on S&P 500
By Marisa Wong
Los Angeles, April 20 – Barclays Bank plc priced $85,000 of 0% capped buffered return enhanced notes due April 26, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus 2 times the index return, capped at par plus 13%.
If the final index level is less than or equal to the initial index level but greater than or equal to the buffer value, 90% of the initial index level, the payout will be par.
If the final index level is less than the buffer value, investors will lose 1.11111% for every 1% that the index declines beyond 10%.
Barclays is the agent, and J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
Issuer: | Barclays Bank plc
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Issue: | Capped buffered return enhanced notes
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Underlying index: | S&P 500
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Amount: | $85,000
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Maturity: | April 26, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 2 times any index gain, capped at par plus 13%; par if index finishes flat or falls by up to 10%; otherwise, 1.11111% loss for every 1% that index declines beyond 10%
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Initial level: | 2,749.98
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Final level: | Average of index’s closing levels on five trading days ending April 21, 2021
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Buffer value: | 2,474.98, 90% of initial index level
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Pricing date: | April 8
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Settlement date: | April 14
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Agent: | Barclays with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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Fees: | 1%
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Cusip: | 06747PKF5
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