Published on 8/7/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.64 million callable contingent coupon notes on gold, silver trusts
By Wendy Van Sickle
Columbus, Ohio, Aug. 7 – Barclays Bank plc priced $2.64 million of callable contingent coupon notes due Aug. 4, 2022, linked to the worst performing of the SPDR Gold Trust and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 14% if each asset closes at or above its coupon barrier level, 66% of its initial level, on the valuation date for that period.
After six months, 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, 66% of its initial level, the payout at maturity will be par plus any coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
|
Issue: | Callable contingent coupon notes
|
Underlying assets: | SPDR Gold Trust and iShares Silver Trust
|
Amount: | $2,642,000
|
Maturity: | Aug. 4, 2022
|
Contingent coupon: | 14% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
|
Price: | Par
|
Payout at maturity: | If each asset finishes at or above final barrier, par plus any coupon; otherwise, full exposure to losses of least-performing asset
|
Call option: | In whole at par plus any coupon due on any valuation date after six months
|
Initial level: | $185.43 for gold, $22.65 for silver
|
Coupon barriers: | $122.38 for gold, $14.95 for silver; 66% of initial levels
|
Final barriers: | $122.38 for gold, $14.95 for silver; 66% of initial levels
|
Pricing date: | July 31
|
Settlement date: | Aug. 5
|
Underwriter: | Barclays
|
Fees: | 1.75%
|
Cusip: | 06741WHJ4
|
|
© 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.