Published on 8/25/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $666,000 callable contingent coupon notes on ETFs
By Sarah Lizee
Olympia, Wash., Aug. 25 – Barclays Bank plc priced $666,000 of callable contingent coupon notes due Aug. 28, 2023 linked to the least performing of the SPDR S&P Biotech ETF and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannually coupon at an annualized rate of 10.5% if each underlying asset closes at or above its coupon barrier level, 70% of its initial price, on the observation date for that period.
The notes will be callable at par plus any coupon due on any contingent coupon payment date after six months.
If each asset finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par plus the coupon.
Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying assets: | SPDR S&P Biotech ETF and the Technology Select Sector SPDR Fund
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| Amount: | $666,000
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| Maturity: | Aug. 28, 2023
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| Contingent coupon: | 10.5% per year, payable semiannually if each underlying asset closes at or above coupon barrier level observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier level, par plus coupon; otherwise, full exposure to losses of least-performing asset
|
| Call option: | Callable at par plus any coupon due on any contingent coupon payment date after six months
|
| Initial levels: | $111.46 for biotech, $117.94 for tech
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| Coupon barriers: | $78.02 for biotech, $82.56 for tech, 70% of initial levels
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| Barriers: | $78.02 for biotech, $82.56 for tech, 70% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
|
| Agent: | Barclays
|
| Fees: | 2.05%
|
| Cusip: | 06747QDR5
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