Published on 6/15/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $612,000 capped buffered return enhanced notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, June 15 – Barclays Bank plc priced $612,000 of 0% capped buffered return enhanced notes due June 13, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus 2 times the index return, capped at par plus 25%.
If the final index level is less than or equal to the initial index level but greater than or equal to the buffer value, 85% of the initial index level, the payout will be par.
If the final index level is less than the buffer value, investors will lose 1.176471% for every 1% that the index declines beyond 15%.
Barclays is the agent, and J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
Issuer: | Barclays Bank plc
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Issue: | Capped buffered return enhanced notes
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Underlying index: | S&P 500
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Amount: | $612,000
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Maturity: | June 13, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 2 times any index gain, capped at par plus 25%; par if index finishes flat or falls by up to 15%; otherwise, 1.176471% loss for every 1% that index declines beyond 15%
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Initial level: | 3,232.39
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Final level: | Average of index’s closing levels on five trading days ending June 8, 2023
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Buffer value: | 2,747.53, 85% of initial index level
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Pricing date: | June 8
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Settlement date: | June 11
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Agent: | Barclays with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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Fees: | 2%
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Cusip: | 06747PVL0
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