Published on 7/8/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.6 million callable contingent coupon notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, July 8 – Barclays Bank plc priced $1.6 million of callable contingent coupon notes due July 5, 2024 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 9% if each underlier closes at or above its coupon barrier level, 80% 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 call date after three months.
If the notes have not been called, the payout at maturity will be par unless any underlier closes below its 65% trigger value during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | Russell 2000 index, S&P 500 index, iShares MSCI Emerging Markets ETF
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| Amount: | $1.6 million
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| Maturity: | July 5, 2024
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| Contingent coupon: | 9% per year, payable monthly if each underlier closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlier closes below its 65% trigger value during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call date after three months
|
| Initial levels: | $55.15 for ETF, 2,310.55 for Russell, 4,297.5 for S&P
|
| Coupon barriers: | $44.12 for ETF, 1,848.44 for Russell, 3,438.0 for S&P; 80% of initial levels
|
| Final barrier levels: | $35.85 for ETF, 1,501.86 for Russell, 2,793.38 for S&P; 65% of initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06748EZW6
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