Published on 8/6/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.45 million callable contingent coupon notes linked to indexes
By Sarah Lizee
Olympia, Wash., Aug. 6 – Barclays Bank plc priced $1.45 million of callable contingent coupon notes due April 28, 2023 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 7% if each index closes at or above its coupon barrier value, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date after six months.
If each index finishes at or above its barrier value, 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: | Dow Jones industrial average, the Russell 2000 index and the S&P 500 index,
|
| Amount: | $1,453,000
|
| Maturity: | April 28, 2023
|
| Contingent coupon: | 7% per year, payable quarterly if each index closes at or above barrier value on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier value, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par on any interest payment date after six months
|
| Initial levels: | 26,864.27 for Dow, 1,574.61 for Russell, 2,980.38 for S&P
|
| Coupon barrier values: | 18,804.99 for Dow, 1,102.23 for Russell, 2,086.27 for S&P, or 70% of initial levels
|
| Barrier values: | 16,118.56 for Dow, 944.77 for Russell, 1,788.23 for S&P, or 60% of initial levels
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 5
|
| Agent: | Barclays
|
| Fees: | 0.875%
|
| Cusip: | 06747N3Z5
|
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