Published on 9/13/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.03 million callable contingent coupon notes on ETFs, index
By Taylor Fox
New York, Sept. 13 – Barclays Bank plc priced $1.03 million of callable contingent coupon notes due Feb. 29, 2024 linked to the worst performing of the iShares MSCI Emerging Markets ETF, the iShares MSCI EAFE ETF and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 15.15% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If the notes are not redeemed, the payout will be par plus the final coupon unless any asset finishes below 70% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | iShares MSCI Emerging Markets ETF, iShares MSCI EAFE ETF and Euro Stoxx Banks index
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Amount: | $1,025,000
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Maturity: | Feb. 29, 2024
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Contingent coupon: | 15.15% per year, payable quarterly 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 coupon unless any asset finishes below its final barrier level, in which case investors will lose 1% for each 1% decline of the worst performer
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Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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Initial levels: | $54.46 for MSCI EM, $75.07 for MSCI EAFE and 85.73 for Stoxx
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Coupon barrier levels: | $38.12 for MSCI EM, $52.55 for MSCI EAFE and 60.01 for Stoxx, 70% of initial levels
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Final barrier levels: | $38.12 for MSCI EM, $52.55 for MSCI EAFE and 60.01 for Stoxx, 70% of initial levels
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Pricing date: | Feb. 25
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Settlement date: | March 2
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06748EA78
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