Published on 7/8/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.44 million callable contingent coupon notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, July 8 – Barclays Bank plc priced $7.44 million of callable contingent coupon notes due July 5, 2024, linked to the worst 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 pay a contingent semiannual coupon at an annualized rate of 8.5% if each asset closes at or above its coupon barrier level, 55% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any valuation date.
If each asset finishes at or above its final barrier level, 55% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index and Russell 2000 index
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Amount: | $7,436,000
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Maturity: | July 5, 2024
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Contingent coupon: | 8.5% per year, payable semiannually if each asset closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | If each asset finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing asset
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Call option: | In whole at par plus any coupon due on any valuation date
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Initial level: | 1,427.31 for Russell, 3,115.86 for S&P
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Coupon barriers: | 785.02 for Russell, 1,713.72 for S&P; 55% of initial levels
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Final barriers: | 785.02 for Russell, 1,713.72 for S&P; 55% of initial levels
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Pricing date: | July 1
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Settlement date: | July 7
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Underwriter: | Barclays
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Fees: | 0.55%
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Cusip: | 06747Q3F2
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