Published on 10/23/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $750,000 phoenix autocallables tied to S&P, Dow, Russell
By Kiku Steinfeld
Chicago, Oct. 23 – Barclays Bank plc priced $750,000 of phoenix autocallable notes due Oct. 6, 2022 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 month, the notes will pay a contingent coupon at an annual rate of 7.2% if each underlying index closes at or above its coupon barrier, 70% of its initial level, 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 other than the final one.
The payout at maturity will be par plus any contingent coupon due 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, S&P 500 index
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| Amount: | $750,000
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| Maturity: | Oct. 6, 2022
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| Coupon: | 7.2% 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: | After six months, at par plus contingent coupon if each index closes at or above initial level on any quarterly call valuation date other than final one
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| Initial levels: | 26,573.04 for Dow, 2,940.25 for S&P, 1,493.43 for Russell
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| Coupon barriers: | 18,601.13 for Dow, 2,058.18 for S&P, 1,045.40 for Russell; 70% of initial levels
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| Barrier levels: | 15,943.82 for Dow, 1,764.15 for S&P, 896.06 for Russell; 60% of initial levels
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| Pricing date: | Oct. 1
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| Settlement date: | Oct. 4
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06747NKW3
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