Published on 5/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $495,000 callable notes with contingent coupon on indexes
By Sarah Lizee
Olympia, Wash., May 30 – Barclays Bank plc priced $495,000 of callable notes due May 30, 3025 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.75% per year if each index closes at or above its downside threshold level, 75% of its initial level, on each trading day during that quarter.
The notes are callable at par on any quarterly coupon payment date after six months.
If each index finishes at or above its downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable notes
|
| Underlying indexes: | Dow Jones industrial average, S&P 500 and Russell 2000
|
| Amount: | $495,000
|
| Maturity: | May 30, 3025
|
| Coupon: | 8.75% per year, payable quarterly if each index closes at or above downside threshold level on each trading day during that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
|
| Call option: | Callable at par on any quarterly coupon payment date after six months
|
| Initial levels: | 2,826.06 for S&P, 1,514.11 for Russell, 25,585.69 for Dow
|
| Downside thresholds: | 2,119.55 for S&P, 1,135.58 for Russell, 19,189.27 for Dow, or 75% of initial levels
|
| Pricing date: | May 24
|
| Settlement date: | May 30
|
| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06747MU95
|
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