Published on 10/7/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $890,000 callable contingent coupon notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Oct. 7 – Barclays Bank plc priced $890,000 of callable contingent coupon notes due Oct. 5, 2023 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 7% 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 quarterly valuation date.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 70% 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: | Russell 2000 index, S&P 500 index
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Amount: | $890,000
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Maturity: | Oct. 5, 2023
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Contingent coupon: | 7% per year, payable semiannually 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 70% 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 quarterly valuation date
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Initial levels: | 3,380.8 for S&P, 1,531.2 for Russell
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Coupon barriers: | 2,366.56 for S&P, 1,071.84 for Russell; 70% of initial levels
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Final barriers: | 2,366.56 for S&P, 1,071.84 for Russell; 70% of initial levels
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Pricing date: | Oct. 1
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Settlement date: | Oct. 6
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Agent: | Barclays
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Fees: | 2.05%
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Cusip: | 06747QJW8
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