Published on 7/15/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $565,000 callable contingent coupon notes on Dow, Russell, Stoxx Banks
By Kiku Steinfeld
Chicago, July 15 – Barclays Bank plc priced $565,000 of callable contingent coupon notes due June 20, 2028 linked to the least performing of the Euro Stoxx Banks index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 10.5% if each index closes at or above its coupon barrier value, 55% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date after three months.
If each index finishes at or above its barrier value, 55% of its initial level, the payout at maturity will be par. Otherwise, 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: | Callable contingent coupon notes
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Underlying indexes: | Euro Stoxx Banks index, Russell 2000 index and Dow Jones industrial average
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Amount: | $565,000
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Maturity: | June 20, 2028
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Contingent coupon: | 10.5% per year, payable quarterly if each index closes at or above coupon barrier value on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier value, par; otherwise, full exposure to losses of least-performing index
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Call option: | At par on any interest payment date after three months
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Initial levels: | 62.35 for Stoxx, 1,387.69 for Russell, 25,605.54 for Dow
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Coupon barriers: | 34.29 for Stoxx, 763.23 for Russell, 14,083.05 for Dow; 55% of initial levels
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Barrier values: | 34.29 for Stoxx, 763.23 for Russell, 14,083.05 for Dow; 55% of initial levels
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Pricing date: | July 15
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Settlement date: | July 18
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06747PZM4
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