Published on 8/21/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $15 million review notes linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 21 – Barclays Bank plc priced $15 million of 0% review notes due Aug. 21, 2024 linked to the worse 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 called at par plus a call premium of 9% per year if each index closes at or above its call level on any semiannual review date after one year. The call level will be equal to the initial level for the first eight review dates and 70% of the initial level for the final date.
If the notes are not called, the payout at maturity will be par plus the return of the worse performing index with full exposure to any losses.
Barclays is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Barclays Bank plc
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| Issue: | Review notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $15 million
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| Maturity: | Aug. 21, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus the return of the worse performing index with full exposure to any losses
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| Call: | At par plus 9% per year if each index closes at or above call level on any semiannual review date after one year; call level is initial level for first eight review dates and equal to barrier level on final date
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| Initial level: | 2,888.68 for S&P, 1,493.64 for Russell
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| Barrier level: | 2,022.08 for S&P, 1,045.548 for Russell, 70% of initial level
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| Pricing date: | Aug. 16
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| Settlement date: | Aug. 21
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| Underwriter: | Barclays with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1.05%
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| Cusip: | 06747NE67
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