Published on 4/22/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.67 million trigger callable contingent yield notes on three indexes
By William Gullotti
Buffalo, N.Y., April 22 – Barclays Bank plc priced $4.67 million of trigger callable contingent yield notes due Feb. 23, 2027 linked to the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.5% if each index closes at or above its coupon barrier, 70% of its initial value, on the relevant observation date.
The notes are redeemable in whole, at the issuer’s option, at par plus any coupon otherwise due on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 50% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial value.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | Euro Stoxx 50 index, S&P 500 index, Russell 2000 index
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Amount: | $4.67 million
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Maturity: | Feb. 23, 2027
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Coupon: | 8.5% per year, payable quarterly if each index closes at or above coupon barrier on the corresponding observation date
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Price: | Par of $10
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Payout at maturity: | Par plus coupon if each index finishes at or above coupon barrier; if worst performer finishes below its coupon barrier but at or above its downside threshold, par; otherwise, 1% loss for each 1% decline of the worst performer from initial value
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Call: | In whole at par plus any coupon otherwise due on any quarterly observation date
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Initial values: | 4,074.28 for Stoxx, 2,009.333 for Russell, 4,348.87 for S&P
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Coupon barriers: | 2,852.0 for Stoxx, 1,406.533 for Russell, 3,044.21 for S&P; 70% of initial value
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Downside thresholds: | 2,037.14 for Stoxx, 1,004.667 for Russell, 2,174.44 for S&P; 50% of initial value
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Strike date: | Feb. 18
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Pricing date: | Feb. 22
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Settlement date: | Feb. 25
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Agents: | Barclays and UBS Financial Services Inc.
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Fees: | 1.5%
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Cusip: | 06748B737
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