Published on 4/9/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $905,000 callable contingent coupon notes on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 9 – Barclays Bank plc priced $905,000 of callable contingent coupon notes due March 29, 2024, linked to the worst performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an initial annualized rate of 6% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period. The rate will step up to 7% in the second year and 10% in the third.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date starting after three months.
If each index finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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| Amount: | $905,000
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| Maturity: | March 29, 2024
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| Contingent coupon: | 6% per year initially, payable monthly if each index closes at or above coupon barrier on the valuation date for that period; rate steps up to 7% in the second year and 10% in the third
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
|
| Initial levels: | 3,971.09 for S&P, 12,965.74 for Nasdaq, 2,158.68 for Russell
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| Coupon barrier levels: | 2,779.76 for S&P, 9,076.02 for Nasdaq, 1,511.08 for Russell, 70% of initial levels
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| Final barrier levels: | 2,382.65 for S&P, 7,787.47 for Nasdaq, 1,295.21 for Russell, 60% of initial levels
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Agent: | Barclays
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| Fees: | 2.5%
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| Cusip: | 06748EFC2
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