Published on 4/21/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $361,000 phoenix autocallable notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., April 21 – Barclays Bank plc priced $361,000 of phoenix autocallable notes due Oct. 19, 2021 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13% if each index closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon, unless either index finishes below 75% of its initial value, in which case 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: | Phoenix autocallable notes
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Underlying indexes: | Russell 2000, S&P 500
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Amount: | $361,000
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Maturity: | Oct. 19, 2021
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Coupon: | 13% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless either index finishes below final barrier, in which case investors will be fully exposed to the decline of the worst performing index
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial level: | 2,846.06 for S&P, 1,237.33 for Russell
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Coupon barriers: | 2,134.55 for S&P, 928.00 for Russell, 75% of initial levels
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Final barriers: | 2,134.55 for S&P, 928.00 for Russell, 75% of initial levels
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Pricing date: | April 14
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Settlement date: | April 17
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Agent: | Barclays
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Fees: | 1.15%
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Cusip: | 06747PLH0
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