Published on 8/7/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $720,000 contingent coupon autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 7 – Barclays Bank plc priced $720,000 of autocallable contingent coupon notes due July 31, 2025 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 10% per annum if each index closes at or above its 75% coupon barrier level on the determination date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date after one year.
If the notes are not called, the payout at maturity will be par plus any coupon unless any index finishes below its 75% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $720,000
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| Maturity: | July 31, 2025
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| Contingent coupon: | Contingent quarterly coupon of 10% if each component closes at or above coupon barrier level on the determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of worst-performing index
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| Call option: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly determination date after one year
|
| Initial index levels: | 1,469.76 for Russell, 3,218.44 for S&P
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| Coupon barrier levels: | 1,102.32 for Russell, 2,413.83 for S&P; 75% of initial levels
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| Final barrier levels: | 1,102.32 for Russell, 2,413.83 for S&P; 75% of initial levels
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| Pricing date: | July 28
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| Settlement date: | July 31
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06747Q6R3
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