Published on 6/27/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $258,000 callable step-up contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., June 27 – Barclays Bank plc priced $258,000 of callable step-up contingent coupon notes due June 28, 2029 linked to the lesser performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate if each underlying asset closes at or above its 75% coupon barrier on the observation date for that quarter. The contingent coupon will be 8.25% for the first five years, stepping up to 11% beginning in September 2024.
After six months, the notes are callable at par on any interest payment date.
The payout at maturity will be par unless either underlying asset closes below its 50% trigger level, in which case investors will be exposed to any losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable step-up contingent coupon notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
|
| Amount: | $258,000
|
| Maturity: | June 28, 2029
|
| Coupon: | Each quarter, notes pay contingent coupon unless any index closes below coupon barrier level on observation date for that quarter; coupon is 8.25% for the first five years, stepping up to 11% beginning in September 2024
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlying asset closes below its trigger level, in which case investors will be exposed to any losses of the worst performing index
|
| Call option: | After six months, in whole at par on any quarterly early redemption date
|
| Initial levels: | 2,917.38 for S&P, 1,521.04 for Russell, 7,591.54 for Nasdaq
|
| Coupon barrier levels: | 2,188.04 for S&P, 1,140.78 for Russell, 5,693.66 for Nasdaq; 70% of initial level
|
| Trigger levels: | 1,458.69 for S&P, 760.52 for Russell, 3,795.77 for Nasdaq; 50% of initial level
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | Barclays
|
| Fees: | 4%
|
| Cusip: | 06747MXL5
|
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