Published on 12/26/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.37 million callable contingent coupon notes on indexes, ETF
By Kiku Steinfeld
Chicago, Dec. 29 – Barclays Bank plc priced $4.37 million of callable contingent coupon notes due June 4, 2024 linked to the performance of the Nasdaq-100 index, the Dow Jones industrial average and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 11.25% if each underlier 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 and each underlier finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer falls below the coupon barrier but finishes at or above its 65% final barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | Dow Jones industrial average, Nasdaq-100 index, SPDR S&P Regional Banking ETF
|
| Amount: | $4,373,000
|
| Maturity: | June 4, 2024
|
| Contingent coupon: | 11.25% per year, payable quarterly if each underlier closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If the final level of each underlier is greater than or equal to its coupon barrier, par plus final coupon; if the worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly call date
|
| Initial levels: | $69.81 for ETF, 34,483.72 for Dow, 16,135.92 for Nasdaq
|
| Coupon barriers: | $45.38 for ETF, 22,414.42 for Dow, 10,488.35 for Nasdaq; 65% of initial levels
|
| Final barrier levels: | $45.38 for ETF, 22,414.42 for Dow, 10,488.35 for Nasdaq; 65% of initial levels
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 3
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06748WWC3
|
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