Published on 8/24/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.03 million autocallable contingent coupon notes on Nasdaq, S&P
By Taylor Fox
New York, Aug. 24 – Barclays Bank plc priced $1.03 million of autocallable contingent coupon notes due Aug. 10, 2023 linked to the worst performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be automatically called in whole at par plus any coupon due if each index closes above its initial level on any monthly valuation date after six months.
If the notes are not redeemed, the payout at maturity will be par if both indexes finish above their initial levels or if neither index ever closes below its 70% barrier value during the life of the notes, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying assets: | S&P 500 index and Nasdaq-100 index
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Amount: | $1,034,000
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Maturity: | Aug. 10, 2023
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Contingent coupon: | 8.5% per year, payable monthly if each asset closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any index finishes below its initial level and any index finishes below its barrier level at any point during the life of the notes, in which case investors will be fully exposed to the loss of the least performing index
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Call: | Automatically at par plus any coupon due if each index closes above initial level on any monthly valuation date after six months
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Initial levels: | 13,603.96 for Nasdaq and 3,886.83 for S&P
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Coupon barrier levels: | 9,522.77 for Nasdaq and 2,720.78 for S&P; 70% of initial levels
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Final barrier levels: | 9,522.77 for Nasdaq and 2,720.78 for S&P; 70% of initial levels
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Pricing date: | Feb. 5
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Settlement date: | Feb. 10
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06748E4N0
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