Published on 9/18/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $220,000 callable contingent coupon notes on S&P, Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – Barclays Bank plc priced $220,000 of callable contingent coupon notes due June 20, 2022 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 5% if each asset closes at or above its coupon barrier level, 70% 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 monthly valuation date after one year.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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Amount: | $220,000
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Maturity: | June 20, 2022
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Contingent coupon: | 5% per year, payable monthly 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: | Par plus any coupon unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing index
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Call option: | In whole at par plus any coupon due on any monthly valuation date after one year
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Initial levels: | 3,401.2 for S&P, 27,995.6 for Dow, 11,438.87 for Nasdaq
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Coupon barriers: | 2,380.84 for S&P, 19,596.92 for Dow, 8,007.21 for Nasdaq; 70% of initial levels
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Final barriers: | 2,040.72 for S&P, 16,797.36 for Dow, 6,863.32 for Nasdaq; 60% of initial levels
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Pricing date: | Sept. 15
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Settlement date: | Sept. 18
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Agent: | Barclays
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Fees: | 2.125%
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Cusip: | 06747QGD3
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