Published on 2/26/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.4 million phoenix autocallable notes on three ETFs
By Sarah Lizee
Olympia, Wash., Feb. 26 – Barclays Bank plc priced $1.4 million of phoenix autocallable notes due Feb. 24, 2023 linked to the least performing of the Invesco QQQ Trust, series 1, the iShares MSCI Mexico ETF and the iShares MSCI Brazil ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 9.6% per year if each ETF closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par if each ETF closes at or above its initial price on any quarterly call determination date.
The payout at maturity will be par unless any ETF finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the worst performing ETF.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying ETFs: | Invesco QQQ Trust, series 1, iShares MSCI Mexico ETF and iShares MSCI Brazil ETF
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Amount: | $1,403,000
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Maturity: | Feb. 24, 2023
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Coupon: | 9.6%, payable quarterly if each ETF closes at or above its coupon barrier on related observation date
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Price: | Par of $1,000
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Payout at maturity: | Par unless any ETF finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
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Call: | At par if each ETF closes at or above its initial price on any quarterly call observation date
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Initial prices: | $234.64 for QQQ ETF, $47.71 for Mexico ETF, $43.86 for Brazil ETF
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Coupon barriers: | $140.78 for QQQ ETF, $28.63 for Mexico ETF, $26.32 for Brazil ETF; 60% of initial prices
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Barrier prices: | $140.78 for QQQ ETF, $28.63 for Mexico ETF, $26.32 for Brazil ETF; 60% of initial prices
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Pricing date: | Feb. 19
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Settlement date: | Feb. 24
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06747PCR8
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