Published on 5/7/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $966,000 callable contingent coupon notes on Stoxx, Dow, S&P
Kiku Steinfeld
Chicago, May 7 – Barclays Bank plc priced $966,000 of callable contingent coupon notes due Jan. 26, 2023, linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 6.8% if each index closes at or above its coupon barrier level, 70% 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 valuation date.
If each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, 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: | Callable contingent coupon notes
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Underlying indexes: | S&P 500 index, Dow Jones industrial average and Euro Stoxx 50 index
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Amount: | $966,000
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Maturity: | Jan. 26, 2023
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Contingent coupon: | 6.8% 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: | If each index finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing index
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Call option: | In whole at par plus any coupon due on any quarterly valuation date
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Initial levels: | 34,043.49 Dow, 4,180.17 for S&P, 4,013.34 for Stoxx
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Coupon barrier levels: | 23,830.44 for Dow, 2,926.12 for S&P, 2,809.34 for Stoxx; 70% of initial levels
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Final barrier levels: | 23,830.44 for Dow, 2,926.12 for S&P, 2,809.34 for Stoxx; 70% of initial levels
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Pricing date: | April 23
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Settlement date: | April 28
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Agent: | Barclays
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Fees: | None
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Cusip: | 06748ELV3
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