Published on 11/17/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million callable contingent coupon notes on Dow, S&P ETF
By William Gullotti
Buffalo, N.Y., Nov. 17 – Barclays Bank plc priced $1 million of callable contingent coupon notes due Nov. 8, 2024 linked to the performance of the Dow Jones industrial average and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 6% if each underlier closes at or above its coupon barrier level, 67% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the notes are not redeemed early and each underlier finishes at or above its 67% final barrier level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
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, SPDR S&P 500 ETF Trust
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Amount: | $1 million
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Maturity: | Nov. 8, 2024
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Contingent coupon: | 6% per year, payable monthly if each underlier closes at or above coupon barrier on the observation date for that period
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Price: | Par
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Payout at maturity: | If the final level of each underlier is greater than or equal to its final barrier, par plus final coupon; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any monthly call date after three months
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Initial levels: | $468.53 for ETF, 36,327.95 for Dow
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Coupon barriers: | $313.92 for ETF, 24,339.73 for Dow; 67% of initial levels
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Final barrier levels: | $313.92 for ETF, 24,339.73 for Dow; 67% of initial levels
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Pricing date: | Nov. 5
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Settlement date: | Nov. 10
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Agent: | Barclays
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Fees: | 0.7%
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Cusip: | 06748WSE4
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