Published on 8/12/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.39 million contingent income callable securities on three indexes
By William Gullotti
Buffalo, N.Y., Aug. 12 – Barclays Bank plc priced $7.39 million of contingent income callable securities due May 18, 2023 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, 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 7% 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, 70% 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 and Morgan Stanley Wealth Management are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Dow Jones industrial average
|
| Amount: | $7,389,000
|
| Maturity: | May 18, 2023
|
| Coupon: | 7% per year, payable quarterly if each index closes at or above coupon barrier on any quarterly determination date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus 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: | 2,224.63 for Russell, 4,173.85 for S&P, 34,382.13 for Dow
|
| Coupon barrier levels: | 1,557.241 for Russell, 2,921.695 for S&P, 24,067.491 for Dow; 70% of initial levels
|
| Downside threshold levels: | 1,557.241 for Russell, 2,921.695 for S&P, 24,067.491 for Dow; 70% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Agent: | Barclays and Morgan Stanley Wealth Management
|
| Fees: | 1.6%
|
| Cusip: | 06748ER47
|
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