Published on 4/1/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $15.54 million callable contingent coupon notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, April 1 – Barclays Bank plc priced $15.54 million of callable contingent coupon notes due Dec. 30, 2022 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10% if each index closes at or above its coupon barrier level, 75% 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 valuation date after three months.
If the notes are not redeemed early, the payout will be par unless any index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $15,539,000
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| Maturity: | Dec. 30, 2022
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| Contingent coupon: | 10% per year, payable monthly if each index closes at or above coupon barrier related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
|
| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
|
| Initial levels: | 3,974.54 for S&P, 2,221.48 for Russell, 12,979.12 for Nasdaq
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| Coupon barriers: | 2,980.91 for S&P, 1,666.11 for Russell, 9,734.34 for Nasdaq; 75% of initial levels
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| Final barriers: | 2,583.45 for S&P, 1,443.96 for Russell, 8,436.43 for Nasdaq; 65% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 31
|
| Agent: | Barclays
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| Fees: | 2.175%
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| Cusip: | 06748EB28
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