Published on 2/2/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.09 million buffered callable contingent coupon notes on S&P, Russell
By Kiku Steinfeld
Chicago, Feb. 2 – Barclays Bank plc priced $1.09 million of buffered callable contingent coupon notes due Jan. 31, 2024 linked to the least performing of 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 monthly coupon at annual rate of 6% if each index closes at or above its coupon barrier, 80% of its initial level, on the observation date for that month.
The notes will be callable monthly at par plus any coupon due on any monthly call valuation date after one year.
The payout at maturity will be par plus any final coupon due unless either index finishes below the 80% downside barrier, in which case investors will lose 1% for each 1% decline of the worst performing index beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered callable contingent coupon notes
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| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $1,085,000
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| Maturity: | Jan. 31, 2024
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| Coupon: | 6%, payable monthly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any monthly call valuation date after one year
|
| Payout at maturity: | Par plus any coupon if both indexes close above buffer level; otherwise 1% for each 1% decline of worse performing index beyond buffer
|
| Initial levels: | 3,849.62 for S&P, 2,149.86 for Russell
|
| Coupon barriers: | 3,079.70 for S&P, 1,719.88 for Russell, 80% of initial levels
|
| Buffer levels: | 769.92 for S&P, 429.97 for Russell, 80% of initial levels
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| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 29
|
| Agent: | Barclays
|
| Fees: | 0.5%
|
| Cusip: | 06747QYX9
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