Published on 6/6/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.59 million contingent income callable securities on three indexes
By William Gullotti
Buffalo, N.Y., June 7 – Barclays Bank plc priced $6.59 million contingent income callable securities due Nov. 16, 2023 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.1% if each index closes at or above its coupon barrier level, 70% of its initial index level, on the determination date for that quarter.
The notes will be callable at par plus any coupon due on any quarterly payment date other than the final one.
If each index finishes at or above its downside threshold level, 60% of its initial index level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
|
| Amount: | $6,590,000
|
| Maturity: | Nov. 16, 2023
|
| Coupon: | 6.1% per year, payable quarterly if each index closes at or above coupon barrier on any related determination date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus any final contingent coupon; if final level of any index is less than downside threshold, full exposure to decline of lowest-performing index
|
| Call option: | At par plus any coupon on any quarterly determination date
|
| Initial levels: | 2,135.139 for Russell, 4,063.04 for S&P, 13,001.63 for Nasdaq
|
| Coupon barrier levels: | 1,494.597 for Russell, 2,844.128 for S&P, 9,101.141 for Nasdaq; 70% of initial levels
|
| Downside threshold levels: | 1,281.083 for Russell, 2,437.824 for S&P, 7,800.978 for Nasdaq; 60% of initial levels
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06748EQ55
|
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