Published on 10/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $15.36 million trigger autocallable notes on Nasdaq, S&P
By Marisa Wong
Los Angeles, Oct. 6 – Barclays Bank plc priced $15.36 million of trigger autocallable contingent yield notes due Oct. 6, 2022 linked to the Nasdaq-100 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 at an annual rate of 8.1% if each index closes at or above its coupon barrier, 70% of its initial level, on the related quarterly observation date.
The notes will be redeemed at par plus the coupon if both indexes close at or above their initial levels on any quarterly observation date.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger autocallable contingent yield notes
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Underliers: | Nasdaq-100 index and S&P 500 index
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Amount: | $15,364,900
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Maturity: | Oct. 6, 2022
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Coupon: | 8.1%, payable each quarter that each index closes at or above coupon barrier on observation date for that quarter
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Price: | Par of $10
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Call: | At par plus the coupon if both indexes close at or above their initial levels on any quarterly observation date
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Payout at maturity: | Par plus the final coupon, if any, if each index finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of the worse performing index from initial level
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Initial levels: | 11,255.69 for Nasdaq, 3,348.44 for S&P
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Coupon barriers: | 7,878.98 for Nasdaq, 2,343.91 for S&P, 70% of initial levels
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Downside thresholds: | 6,753.41 for Nasdaq, 2,009.06 for S&P, 60% of initial levels
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Pricing date: | Oct. 2
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Settlement date: | Oct. 7
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Agents: | Barclays and UBS Financial Services Inc.
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Fees: | 1.5%
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Cusip: | 06747K449
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