Published on 4/6/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $560,000 callable contingent coupon notes on three ETFs
By Kiku Steinfeld
Chicago, April 6 – Barclays Bank plc priced $560,000 of callable contingent coupon notes due Sept. 29, 2026 linked to the worst performing of the SPDR S&P Biotech ETF, the iShares Global Clean Energy ETF and the VanEck Semiconductor ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8.5% if each fund 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 valuation date after six months.
If the notes are not redeemed, the payout will be par plus any final coupon unless any fund finishes below 70% of its initial level, in which case investors will be fully exposed to the loss of the least performing fund.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying funds: | SPDR S&P Biotech ETF, iShares Global Clean Energy ETF and VanEck Semiconductor ETF
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| Amount: | $560,000
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| Maturity: | Sept. 29, 2026
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| Contingent coupon: | 8.5% per year, payable quarterly if each fund 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 asset finishes below its barrier level, in which case investors will be fully exposed to the loss of the least performing asset
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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| Initial levels: | $130.37 for S&P Biotech, $22.25 for Clean Energy and $272.39 for Semiconductor
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| Coupon barriers: | $91.26 for S&P Biotech, $15.58 for Clean Energy and $190.67 for Semiconductor; 70% of initial levels
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| Final barriers: | $91.26 for S&P Biotech, $15.58 for Clean Energy and $190.67 for Semiconductor; 70% of initial levels
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| Pricing date: | Sept. 24, 2021
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| Settlement date: | Sept. 29, 2021
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06748WJX2
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