Published on 5/16/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $828,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., May 16 – Barclays Bank plc priced $828,000 of callable contingent coupon notes due May 17, 2024 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 8.75% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
After six months, the notes are callable at par on any interest payment date.
If each index finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Nasdaq-100, S&P 500 and Dow Jones industrial average
|
| Amount: | $828,000
|
| Maturity: | May 17, 2024
|
| Contingent coupon: | 8.75% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | After six months, at par on any interest payment date
|
| Initial levels: | 2,834.41 for S&P, 7,401.88 for Nasdaq, 25,532.05 for Dow
|
| Coupon barriers: | 1,984.09 for S&P, 5,181.32 for Nasdaq, 17,872.44 for Dow; 70% of initial levels
|
| Barrier levels: | 1,700.65 for S&P, 4,441.13 for Nasdaq, 15,319.23 for Dow; 60% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 17
|
| Agent: | Barclays
|
| Fees: | 1.125%
|
| Cusip: | 06747MTS5
|
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