Published on 8/7/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $24,000 annual autocallables on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 7 – Barclays Bank plc priced $24,000 of 0% annual autocallable notes due July 31, 2024 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 8% per year if each index closes at or above its initial level on July 31, 2020, Aug. 2, 2021, Aug. 1, 2022, July 31, 2023 or July 26, 2024.
If the notes are not called and the final level of the lesser-performing index is greater than or equal to its initial level, the notes will be subject to the automatic call. If the lesser-performing index falls but finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lesser-performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Annual autocallable notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $24,000
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| Maturity: | July 31, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of lesser-performing index is greater than or equal to barrier level, par; otherwise, full exposure to decline of lesser-performing index from initial level
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| Call: | Automatically at par plus 8% per year if each index closes at or above its initial level on July 31, 2020, Aug. 2, 2021, Aug. 1, 2022, July 31, 2023 or July 26, 2024
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| Initial index levels: | 2,980.38 for S&P, 1,574.605 for Russell
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| Barrier levels: | 2,086.27 for S&P, 1,102.23 for Russell; 70% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 5
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| Agent: | Barclays
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| Fees: | 1.125%
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| Cusip: | 06747N4C5
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