Published on 10/11/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.1 million phoenix autocallables tied to Nasdaq, Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Oct. 11 – Barclays Bank plc priced $6.1 million of phoenix autocallable notes due July 10, 2023 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 6.5% if each underlying index closes at or above its 70% coupon barrier on the observation date for that month.
After six months, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call valuation date before the final valuation date.
The payout at maturity will be par unless either index finishes below its 60% barrier level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $6,097,000
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| Maturity: | July 10, 2023
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| Coupon: | 6.5% annualized, payable each month that each index closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon, if any, unless either index finishes below barrier level, in which case 1% loss per 1% decline of the worst performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly call valuation date other than final date after six months
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| Initial levels: | 26,573.72 for Dow, 7,754.1 for Nasdaq, 1,500.7 for Russell
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| Coupon barriers: | 18,601.60 for Dow, 5,427.87 for Nasdaq, 1,073.51 for Russell; 70% of initial levels
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| Barrier levels: | 15,944.23 for Dow, 4,652.46 for Nasdaq, 900.42 for Russell; 60% of initial levels
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| Pricing date: | Oct. 4
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| Settlement date: | Oct. 9
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06747NKH6
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