Published on 10/11/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.02 million callable contingent coupon notes on ETFs
By Kiku Steinfeld
Chicago, Oct. 12 – Barclays Bank plc priced $2.02 million of callable contingent coupon notes due July 25, 2024 linked to the least performing of the SPDR S&P 500 ETF and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 6% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
At Barclays’ option, the notes will be callable in whole at par on any quarterly call date.
If each ETF finishes at or above its barrier level, 65% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing ETF, payable in shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying ETFs: | SPDR S&P 500 ETF and iShares Russell 2000 ETF
|
| Amount: | $2,020,000
|
| Maturity: | July 25, 2024
|
| Contingent coupon: | 6% per year, payable quarterly if each ETF closes at or above coupon barrier level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing ETF, payable in shares or cash at issuer’s option
|
| Call option: | At par on any quarterly call date
|
| Initial levels: | $435.46 for SPDR, $218.53 for iShares
|
| Coupon barriers: | $304.82 for SPDR, $152.97 for iShares; 70% of initial levels
|
| Barrier levels: | $283.05 for SPDR, $218.53 for iShares; 65% of initial levels
|
| Equity ratios: | 2.29642 for SPDR, 4.57603 for iShares
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Agent: | Barclays
|
| Fees: | 1.2%
|
| Cusip: | 06741W2U3
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
