Published on 8/12/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.11 million autocallable contingent interest notes on indexes
By William Gullotti
Buffalo, N.Y., Aug. 12 – Barclays Bank plc priced $1.11 million of autocallable contingent interest notes due May 18, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each index closes at or above its interest barrier level, 80% of its initial level, on the review date for that period. Previously unpaid coupons will also be paid.
The notes will be called at par plus any contingent coupon due if each index closes at or above its initial level on any quarterly review date other than the final review date.
The payout at maturity will be par plus any final coupon unless any index finishes below its 80% trigger value, in which case investors will lose 1% for each 1% decline from the worst performer’s initial level.
Barclays is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. are the placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent interest notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
|
| Amount: | $1,105,000
|
| Maturity: | May 18, 2023
|
| Coupon: | 8% annual rate, payable quarterly if each index closes at or above interest barrier level on review date for that period; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any index finishes below trigger level, in which case 1% loss for each 1% decline of least performing index from initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date
|
| Initial levels: | 4,017.44 for Stoxx, 4,173.85 for S&P, 2,224.63 for Russell
|
| Interest barrier levels: | 3,213.95 for Stoxx, 3,339.08 for S&P, 1,779.704 for Russell; 80% of initial levels
|
| Trigger levels: | 3,213.95 for Stoxx, 3,339.08 for S&P, 1,779.704 for Russell; 80% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Agent: | Barclays
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A.
|
| Fees: | 1.5%
|
| Cusip: | 06748ER88
|
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