Published on 6/16/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $894,000 contingent interest autocalls tied to Penn National Gaming, Inc.
By Wendy Van Sickle
Columbus, Ohio, June 16 – Barclays Bank plc priced $894,000 of autocallable contingent interest notes due June 23, 2021 linked to the common stock of Penn National Gaming, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 30.7% if the stock closes at or above its 50% coupon barrier on the review date for that quarter. Coupon payments will include unpaid contingent coupons.
The notes will be called at par plus the contingent coupon and unpaid coupons if the stock closes at or above its initial level on any review date other than the final date.
The payout at maturity will be par unless the stock finishes below its 50% trigger level, in which case investors will be fully exposed to any losses.
Barclays is the underwriter. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
Issuer: | Barclays Bank plc
|
Issue: | Autocallable contingent interest notes
|
Underlying stock: | Penn National Gaming, Inc.
|
Amount: | $894,000
|
Maturity: | June 23, 2021
|
Coupon: | 30.7% annualized, payable quarterly if stock closes at or above 50% coupon barrier on review date that quarter, including previously unpaid contingent coupons
|
Price: | Par
|
Payout at maturity: | Par plus contingent coupon and unpaid coupons unless stock finishes below trigger, in which case 1% loss for each 1% decline
|
Call: | At par plus contingent coupon plus any unpaid coupons if each stock closes at or above initial level on any review date other than final date
|
Initial levels: | $36.04
|
Coupon barrier: | $18.02, 50% of initial level
|
Trigger level: | $18.02, 50% of initial level
|
Pricing date: | June 8
|
Settlement date: | June 11
|
Underwriter: | Barclays
|
Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
Fees: | 1%
|
Cusip: | 06747PYC7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.