Published on 6/6/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.49 million callable contingent coupon notes on three ETFs
By William Gullotti
Buffalo, N.Y., June 7 – Barclays Bank plc priced $2.49 million of callable contingent coupon notes due May 10, 2024 linked to the worst performing of the VanEck Vectors Junior Gold Miners ETF, the SPDR S&P Regional Banking ETF and the iShares Russell 2000 Value ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12.75% if each asset closes at or above its coupon barrier level, 65% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date after six months.
If the notes are not redeemed early, the payout at maturity will be par unless any asset finishes below its 65% final barrier level, in which case investors will be fully exposed to the decline of the least performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying funds: | SPDR S&P Regional Banking ETF, VanEck Vectors Junior Gold Miners ETF, iShares Russell 2000 Value ETF
|
| Amount: | $2,486,000
|
| Maturity: | May 10, 2024
|
| Contingent coupon: | 12.75% per year, payable quarterly if each fund closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund finishes below its final barrier level, in which case full exposure to decline of least performing asset
|
| Call option: | In whole at par plus any coupon due on any quarterly call date after six months
|
| Initial levels: | $157.86 for iShares, $67.70 for SPDR, $50.07 for VanEck
|
| Coupon barrier levels: | $102.61 for iShares, $44.01 for SPDR, $32.55 for VanEck; 65% of initial levels
|
| Final barrier levels: | $102.61 for iShares, $44.01 for SPDR, $32.55 for VanEck; 65% of initial levels
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Barclays
|
| Fees: | 0.6%
|
| Cusip: | 06748EQ30
|
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