Published on 7/22/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.79 million buffered autocallable notes tied to gold, silver ETFs
By Wendy Van Sickle
Columbus, Ohio, July 22 – Barclays Bank plc priced $1.79 million of buffered autocallable notes due Jan. 21, 2028 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon of 11.75% per year if each asset closes at or above its coupon barrier, 80% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each asset closes at or above its initial level on any monthly call valuation date after one year.
The payout at maturity will be par plus any coupon unless either asset falls by more than 20%, in which case investors will lose 1% for each 1% decline of the worse performing asset beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable notes
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| Underliers: | VanEck Vectors Gold Miners ETF and iShares Silver trust
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| Amount: | $1,794,000
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| Maturity: | Jan. 21, 2028
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| Coupon: | 11.75% per year, payable monthly if each underlier closes at or above coupon barrier on determination date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless either underlier finishes below buffer level, in which case 1% loss for every 1% that lesser-performing underlier declines beyond 20%
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| Call: | Automatically at par plus coupon if each underlier closes at or above initial level on any monthly determination date after one year
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| Initial levels: | $39.31 for gold, $18.01 for silver
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| Coupon barriers: | $31.45 for gold, $14.41 for silver; 80% of initial levels
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| Buffer levels: | $31.45 for gold, $14.41 for silver; 80% of initial levels
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| Pricing date: | July 17
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| Settlement date: | July 22
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| Agent: | Barclays
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| Fees: | 4.5%
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| Cusip: | 06747QAH0
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