Published on 1/18/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.6 million callable contingent coupon notes on Russell, S&P, EM
By Kiku Steinfeld
Chicago, Jan. 19 – Barclays Bank plc priced $2.6 million of callable contingent coupon notes due Jan. 11, 2023 linked to the worst performing of the S&P 500 index, the MSCI Emerging Markets index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12.75% if each index closes at or above its coupon barrier level, 80% 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 the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 80% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | MSCI Emerging Markets index, S&P 500 index and Russell 2000 index
|
| Amount: | $2,595,000
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| Maturity: | Jan. 11, 2023
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| Contingent coupon: | 12.75% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any index finishes below 80% of its initial level, in which case investors will be fully exposed to the loss of the least performing index
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
|
| Initial levels: | 3,748.14 for S&P, 2,057.92 for Russell, 1,315.33 for EM
|
| Coupon barriers: | 2,998.51 for S&P, 1,646.34 for Russell, 1,052.26 for EM; 80% of initial levels
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| Final barriers: | 2,998.51 for S&P, 1,646.34 for Russell, 1,052.26 for EM; 80% of initial levels
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| Pricing date: | Jan. 6
|
| Settlement date: | Jan. 11
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06747QVP9
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