Published on 5/14/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $450,000 dual directional buffered notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., May 14– Barclays Bank plc priced $450,000 of 0% dual directional buffered notes due May 28, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus the lesser of the index return and 7%.
If the final index level is less than or equal to the initial index level but greater than or equal to the buffer value, 88.15% of the initial index level, the payout will be par plus the absolute value of the index return.
If the final index level is less than the buffer value, investors will lose 1.13443% for every 1% that the index declines beyond 11.85%.
Barclays, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Dual directional buffered notes
|
| Underlying index: | S&P 500
|
| Amount: | $450,000
|
| Maturity: | May 28, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than initial index level, par plus lesser of index return and 7%; if final index level is less than or equal to initial index level but greater than or equal to buffer value, par plus absolute value of index return; if final index level is less than buffer value, 1.13443% loss for every 1% that index declines beyond 11.85%
|
| Initial level: | 2,881.40
|
| Final level: | Average of index’s closing levels on five trading days ending May 22, 2020
|
| Buffer value: | 2,539.95, or 88.15% of initial level
|
| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agents: | Barclays, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 06747MTK2
|
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