Published on 5/17/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.13 million callable contingent coupon notes on index, ETFs
Chicago, May 17 – Barclays Bank plc priced $1.13 million of callable contingent coupon notes due Oct. 26, 2023 linked to the least performing of the S&P 500 index, the SPDR S&P Biotech ETF 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 12% if each underlier closes at or above its coupon barrier level, 70% 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 the worst performer finishes at or above its 70% 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
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| Underlying assets: | S&P 500 index, the SPDR S&P Biotech ETF and the SPDR S&P Regional Banking ETF
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| Amount: | $1,131,000
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| Maturity: | Oct. 26, 2023
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| Contingent coupon: | 12% per year, payable quarterly if each underlier closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above final barrier, par; otherwise, loss of 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: | 4,544.9 for S&P, $124.18 for Biotech, $72.78 for Banking
|
| Coupon barriers: | 3,181.43 for S&P, $86.93 for Biotech, $50.95 for Banking; 70% of initial levels
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| Final barrier levels: | 3,181.43 for S&P, $86.93 for Biotech, $50.95 for Banking; 70% of initial levels
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| Pricing date: | Oct. 22, 2021
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| Settlement date: | Oct. 27, 2021
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06748WP49
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