Published on 7/26/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.25 million callable contingent coupon notes on three ETFs
By William Gullotti
Buffalo, N.Y., July 26 – Barclays Bank plc priced $1.25 million of callable contingent coupon notes due May 31, 2024 linked to the worst performing of the iShares Russell 2000 ETF, the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 7.5% if each ETF 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.
If the notes are not redeemed early, the payout at maturity will be par unless any ETF finishes below its 65% final barrier level, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying ETFs: | SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1
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| Amount: | $1,250,000
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| Maturity: | May 31, 2024
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| Contingent coupon: | 7.5% per year, payable quarterly if each ETF closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF finishes below its final barrier level, in which case full exposure to decline of least performing ETF, payable as cash or shares at the issuer’s discretion
|
| Call option: | In whole at par plus any coupon due on any quarterly call date
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| Initial levels: | $334.13 for QQQ, $419.07 for SPDR, $223.35 for iShares
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| Coupon barriers: | $217.19 for QQQ, $272.40 for SPDR, $145.18 for iShares; 65% of initial levels
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| Final barrier levels: | $217.19 for QQQ, $272.40 for SPDR, $145.18 for iShares; 65% of initial levels
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| Physical delivery levels: | 2.99285 for QQQ, 2.38624 for SPDR, 4.47728 for iShares; shares per note
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| Pricing date: | May 28
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| Settlement date: | June 3
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06741WVK3
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