Published on 8/18/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million callable contingent coupon notes on Russell, Nasdaq, S&P
By William Gullotti
Buffalo, N.Y., Aug. 18 – Barclays Bank plc priced $1 million of callable contingent coupon notes due Feb. 16, 2023 linked to the worst performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 9% if each index closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly observation date.
If the notes are not redeemed, the payout will be par if all the indexes close above their initial levels. Alternatively, investors will receive par if no index ever closes below its 60% barrier level at any point during the life of the notes. Otherwise, investors will be fully exposed to the loss 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: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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Amount: | $1,000,000
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Maturity: | Feb. 16, 2023
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Contingent coupon: | 9% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par if all indexes finish above initial level; par if no index closes below final barrier level at any point during the life of the notes; otherwise, full exposure to losses of worst
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Call option: | In whole at par plus any coupon due on any quarterly observation date
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Initial levels: | 13,109.15 Nasdaq, 4,112.5 for S&P, 2,170.95 for Russell
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Coupon barrier levels: | 7,865.49 for Nasdaq, 2,467.5 for S&P, 1,302.57 for Russell; 60% of initial levels
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Final barrier levels: | 7,865.49 for Nasdaq, 2,467.5 for S&P, 1,302.57 for Russell; 60% of initial levels
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Pricing date: | May 13
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Settlement date: | May 18
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Agent: | Barclays
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Fees: | 0.3%
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Cusip: | 06748ER62
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