Published on 1/10/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.3 million phoenix autocallable notes on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Jan. 10 – Barclays Bank plc priced $1.3 million of phoenix autocallable notes Jan. 10, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each index closes at or above its 65% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date beginning in January 2021 and ending in and including October 2024.
The payout at maturity will be par plus the coupon, if any, unless any index finishes below 65% of its initial value, in which case investors will be fully exposed to the decline 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: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $1,297,000
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Maturity: | Jan. 10, 2025
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Coupon: | 7% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any index finishes below 65% of its initial value, in which case investors will be fully exposed to the 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 observation date beginning in January 2021 and ending in and including October 2024
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Initial level: | 28,583.68 for Dow, 1,658.31 for Russell, 3,237.18 for S&P
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Coupon barriers: | 18,579.39 for Dow, 1,077.9 for Russell, 2,104.17 for S&P; 65% of initial levels
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Final barriers: | 18,579.39 for Dow, 1,077.9 for Russell, 2,104.17 for S&P; 65% of initial levels
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Pricing date: | Jan. 7
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Settlement date: | Jan. 10
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06747NZQ0
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