Published on 7/19/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.89 million callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., July 19 – Barclays Bank plc priced $5.89 million of callable contingent coupon notes due July 17, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 7.65% if each index closes at or above its coupon barrier level, 60% of the initial value, on the related quarterly observation date.
The notes will be callable in whole at par on any contingent coupon payment date after three months.
If each index finishes at or above its 60% barrier 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: | S&P 500, Russell 2000, Dow Jones industrial average
|
| Amount: | $5,885,000
|
| Maturity: | July 17, 2025
|
| Contingent coupon: | 7.65% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier value, par; otherwise, full exposure to decline of least-performing asset
|
| Call option: | At par on any contingent coupon payment date after three months
|
| Initial values: | 2,984.42 for S&P, 1,550.78 for Russell, 27,219.85 for Dow
|
| Coupon barriers: | 1,790.65 for S&P, 930.47 for Russell, 16,331.91 for Dow; 60% of initial values
|
| Barrier values: | 1,790.65 for S&P, 930.47 for Russell, 16,331.91 for Dow; 60% of initial values
|
| Pricing date: | July 17
|
| Settlement date: | July 22
|
| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06747N6G4
|
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