Published on 12/12/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $406,000 dual directional notes linked to S&P, Russell
By Kiku Steinfeld
Chicago, Dec. 12 – Barclays Bank plc priced $406,000 of 0% dual directional notes due Nov. 29, 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.
If the lesser-performing index’s return is greater than zero, the payout at maturity will be par plus 1.02 times the return of the lesser-performing index.
If the lesser-performing index’s return is less than or equal to zero but greater than or equal to negative 20%, the payout will be par plus the absolute value of the lesser-performing index’s return.
If the lesser-performing index’s return is less than negative 20%, investors will lose 1% for every 1% that the lesser-performing index declines beyond 20%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Dual directional notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $406,000
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Maturity: | Nov. 29, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If lesser-performing index’s return is greater than zero, par plus 1.02 times return of lesser-performing index; if lesser-performing index’s return is less than or equal to zero but greater than or equal to negative 20%, par plus absolute value of lesser-performing index’s return; if lesser-performing index’s return is less than negative 20%, 1% loss for every 1% that lesser-performing index declines beyond 20%
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Initial levels: | 1,621.90 for Russell, 3,133.64 for S&P
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Buffer levels: | 1,297.52 for Russell, 2,506.91 for S&P, 80% of initial levels
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Pricing date: | Nov. 25
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Settlement date: | Nov. 29
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Agent: | Barclays
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Fees: | 4.35%
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Cusip: | 06747NPY4
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