Published on 7/14/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $438,000 callable contingent coupon notes on MSCI EAFE, S&P Value, Russell
By Kiku Steinfeld
Chicago, July 14 – Barclays Bank plc priced $438,000 of callable contingent coupon notes due Dec. 31. 2024 linked to the S&P 500 Value index, the Russell 2000 index and the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 5% if each asset closes at or above its coupon barrier, 60% of its initial level, on the corresponding quarterly date.
After six months, the notes will be callable at par quarterly.
If the notes are not called and the final level of each asset is greater than or equal to its 60% final barrier level, the payout at maturity will be par plus any contingent coupon due. Otherwise, investors will be fully exposed to the decline of the worse performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | S&P 500 Value, Russell 2000 and MSCI EAFE
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| Amount: | $438,000
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| Maturity: | Dec. 31. 2024
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| Coupon: | 5% per year, payable quarterly if all assets close at or above coupon barrier level on corresponding quarterly date
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| Price: | Par
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| Payout at maturity: | If final level of each asset is greater than or equal to barrier level, par plus any coupon; otherwise, full exposure to decline of lesser performing asset
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| Call option: | At par plus any coupon on any quarterly potential redemption date after six months
|
| Initial levels: | 2,338.07 for EAFE, 2,249.24 for Russell and 1,550.39 for S&P
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| Coupon barrier levels: | 1,402.84 for EAFE, 1,349.54 for Russell and 930.23 for S&P, 60% of initial levels
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| Barrier levels: | 1,402.84 for EAFE, 1,349.54 for Russell and 930.23 for S&P, 60% of initial levels
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| Pricing date: | Dec. 29
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| Settlement date: | Jan. 3
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06748WYS6
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