Published on 2/2/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.33 million autocallable contingent coupon notes on two ETFs
By Kiku Steinfeld
Chicago, Feb. 2 – Barclays Bank plc priced $1.33 million of autocallable contingent coupon notes due Jan. 31, 2023, linked to the lesser performing of the SPDR S&P Biotechnology ETF and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12% if each asset closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes will be called at par plus the coupon due if each ETF closes above its initial level on any quarterly valuation date other than the final one.
If each asset finishes at or above its final barrier level, 75% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying ETFs: | SPDR S&P Biotechnology ETF and Technology Select Sector SPDR fund
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| Amount: | $1,331,000
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| Maturity: | Jan. 31, 2023
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| Contingent coupon: | 12% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing asset
|
| Call: | At par plus coupon if each ETF closes above initial level on any quarterly valuation date other than final one
|
| Initial level: | $152.30 for Biotech, $131.50 for Technology Select
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| Coupon barriers: | $114.23 for Biotech, $98.63 for Technology Select; 75% of initial levels
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| Final barriers: | $114.23 for Biotech, $98.63 for Technology Select; 75% of initial levels
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| Pricing date: | Jan. 27
|
| Settlement date: | Jan. 29
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| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06747QZD2
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