Published on 10/22/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.38 million callable contingent coupon notes on Dow, Russell, S&P
By Taylor Fox
New York, Oct. 22 – Barclays Bank plc priced $1.38 million of callable contingent coupon notes due Sept. 21, 2023 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 pay a contingent quarterly coupon at an annualized rate of 7.75% if each underlying asset closes at or above its coupon barrier level, 75% of the initial value, on the related quarterly observation date.
The notes will be callable in whole at par on any quarterly observation date starting after six months.
If each asset finishes at or above its 70% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $1,375,000
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Maturity: | Sept. 21, 2023
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Contingent coupon: | 7.75% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each asset finishes at or above barrier value, par; otherwise, full exposure to decline of least-performing asset
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Call option: | At par on any quarterly observation date starting after six months
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Initial values: | 3,319.47 for S&P, 1,536.78 for Russell and 27,657.42 for Dow
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Coupon barrier levels: | 2,489.6 for S&P, 1,152.59 for Russell and 20,743.07 for Dow, 75% of initial levels
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Barrier values: | 2,323.63 for S&P, 1,075.75 for Russell and 19,360.19 for Dow, 70% of initial levels
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Pricing date: | Sept. 18
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Settlement date: | Sept. 21
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Agent: | Barclays
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Fees: | 3.1%
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Cusip: | 06747QHM2
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