Published on 2/5/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.4 million callable contingent coupon notes on S&P, Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – Barclays Bank plc priced $1.4 million of callable contingent coupon notes due Jan. 24, 2023 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8% 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 quarterly valuation date.
If the notes are not redeemed, the payout will be par unless any index finishes below its 65% final barrier level, in which case 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 assets: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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Amount: | $1,397,000
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Maturity: | Jan. 24, 2023
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Contingent coupon: | 8% per year, payable quarterly 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 quarterly valuation date
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Initial level: | 12,996.54 for Nasdaq, 3,798.91 for S&P, 30,930.52 for Dow
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Coupon barriers: | 10,397.23 for Nasdaq, 3,039.13 for S&P, 24,744.42 for Dow; 70% of initial levels
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Barriers: | 8,447.75 for Nasdaq, 2,469.29 for S&P, 20,104.84 for Dow; 65% of initial levels
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Pricing date: | Jan. 19
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Settlement date: | Jan. 22
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Agent: | Barclays
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Fees: | 1.5%
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Cusip: | 06747QXU6
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