Published on 2/23/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.85 million phoenix autocallable notes on Russell, S&P, Dow
By Kiku Steinfeld
Chicago, Feb. 23 – Barclays Bank plc priced $5.85 million of phoenix autocallable notes due Feb. 22, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6% if each index closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above 105% of its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus the coupon, unless any index finishes below 70% of its initial value, in which case investors will be fully exposed to the decline of the least performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying indexes: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
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Amount: | $5.85 million
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Maturity: | Feb. 22, 2024
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Coupon: | 6% annualized, payable monthly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless any index finishes below final barrier, in which case investors will be fully exposed to the decline of the worst performing index
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Call: | At par plus contingent coupon if each index closes at or above 105% of its initial level on any monthly call observation date after six months
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Initial level: | 2,272.891 for Russell, 3,932.59 for S&P, 31,522.75 for Dow
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Coupon/final barriers: | 1,591.02 for Russell, 2,752.81 for S&P, 22,065.93 for Dow; 70% of initial levels
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Pricing date: | Feb. 16
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Settlement date: | Feb. 19
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Agent: | Barclays
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Fees: | 3.321%
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Cusip: | 06747QZE0
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