Published on 4/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.15 million phoenix autocallable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, April 30 – Barclays Bank plc sold $1.15 million of phoenix autocallable notes due Oct. 30, 2020 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 6.75% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that month.
After six months, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any monthly call valuation date before the final valuation date.
The payout at maturity will be par unless any underlying asset finishes below its initial level and any asset ever closes below its 70% knock-in level, in which case investors will be exposed to any losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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| Amount: | $1,148,000
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| Maturity: | Oct. 30, 2020
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| Coupon: | 6.75% annualized, payable each month that each asset closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below initial level and any asset ever closes below its knock-in level any day during the life of the notes, in which case 1% loss per 1% decline of the worst performing index
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any monthly valuation date other than final date after six months
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| Initial levels: | 26,462.08 for Dow, 1,585.09 for Russell, 2,926.17 for S&P
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| Coupon barriers: | 18,523.46 for Dow, 1,102.93 for Russell, 2,048.32 for S&P; 70% of initial levels
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| Barrier values: | 18,523.46 for Dow, 1,102.93 for Russell, 2,048.32 for S&P; 70% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Barclays
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| Fees: | 2.175%
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| Cusip: | 06747MKX3
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