Published on 12/26/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.86 million dual directional notes linked to S&P, Russell
By Devika Patel
Knoxville, Tenn., Dec. 26 – Barclays Bank plc priced $1,859,000 of 0% dual directional notes due June 24, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final level of the lesser-performing index is greater than its initial level, the payout at maturity will be par plus 111% of the return of the lesser-performing index.
If the final level of the lesser-performing index is less than its initial level but greater than or equal to its barrier level, 85% of its initial level, the payout will be par plus the absolute value of the lesser-performing index’s return.
If the final level of the lesser-performing index is less than its buffer level, investors will lose 1% for every 1% that the lesser-performing index declines beyond the buffer level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Dual directional notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,859,000
|
| Maturity: | June 24, 2021
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final level of lesser-performing index is greater than initial level, par plus 1.11 times the return of lesser-performing index; if final level of lesser-performing index is less than initial level but greater than or equal to 85% of initial level, par plus absolute value of lesser-performing index’s return; if final level of lesser-performing index is less than 85% of initial level, 1% loss for every 1% that lesser-performing index declines beyond 15% buffer
|
| Initial levels: | 2,467.42 for S&P and 1,326 for Russell
|
| Buffer level: | 85% of initial level
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 26
|
| Agent: | Barclays
|
| Fees: | 1.25%
|
| Cusip: | 06746XZQ9
|
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