Published on 2/2/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.02 million callable contingent coupon notes on Russell, S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Feb. 2 – Barclays Bank plc priced $1.02 million of callable contingent coupon notes due July 20, 2022 linked to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.5% if each asset closes at or above its barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable at par plus any coupon due on any monthly valuation date after three months.
If the notes are not redeemed, the payout will be par unless any index finishes below its barrier level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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Amount: | $1,022,000
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Maturity: | July 20, 2022
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Contingent coupon: | 8.5% per year, payable monthly if each asset closes at or above barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its barrier level, in which case investors will be fully exposed to the loss of the least performing index
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Call option: | Par plus any coupon due on any monthly valuation date after three months
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Initial levels: | 2,123.2 for Russell, 30,814.26 for Dow, 3,768.25 for S&P
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Barrier levels: | 1,486.24 for Russell, 21,569.98 for Dow, 2,637.77 for S&P; 70% of initial levels
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Pricing date: | Jan. 15
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Settlement date: | Jan. 21
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Agent: | Barclays
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Fees: | 0.675%
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Cusip: | 06747QUG0
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