Published on 10/1/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $8.8 million market-linked step-up notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Oct. 1 – Barclays Bank plc priced $8.8 million of 0% market-linked step-up notes due Sept. 24, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up level – 112.45% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 12.45%.
Investors will be fully exposed to any index decline.
BofA Securities, Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Market-linked step-up notes
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Underlying index: | S&P 500
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Amount: | $8,802,420
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Maturity: | Sept. 24, 2021
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 112.45%; exposure to losses
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Initial level: | 2,977.62
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Step-up value: | 3,348.33, 112.45% of initial level
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Pricing date: | Sept. 26
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Settlement date: | Oct. 3
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 06747C348
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