Published on 2/24/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.21 million callable contingent coupon notes on S&P, iShares ETFs
By Kiku Steinfeld
Chicago, Feb. 24 – Barclays Bank plc priced $1.21 million of callable contingent coupon notes due Feb. 21, 2023 linked to the least performing of the S&P 500 index, the iShares MSCI EAFE ETF and the iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon of 9% if each underlying component closes at or above its 70% coupon barrier on the observation date for that period.
The payout at maturity will be par unless any component finishes below its 65% barrier level, in which case investors will be fully exposed to any losses.
The notes are callable at par on any observation date.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying: | S&P 500 index, iShares MSCI EAFE ETF, iShares MSCI EAFE ETF
|
| Amount: | $1,208,000
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| Maturity: | Feb. 21, 2023
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| Coupon: | 9% annualized, payable quarterly if each component closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any component finishes below its barrier level, in which case 1% loss for each 1% decline of the worse performing component from initial level
|
| Call option: | At par on any observation date
|
| Initial levels: | 3,932.59 for S&P 500, $76.86for EAFE, $57.94 for EM
|
| Coupon barrier levels: | 2,752.81 for S&P 500, $53.80 for EAFE, $40.56 for EM; 70% of initial levels
|
| Final barrier levels: | 2,556.18 for S&P 500, $49.96 for EAFE, $37.66 for EM; 65% of initial levels
|
| Pricing date: | Feb. 16
|
| Settlement date: | Feb. 19
|
| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06748E6J7
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