Published on 5/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.25 million callable contingent coupon notes on Russell, Dow, S&P
By Kiku Steinfeld
Chicago, June 1 – Barclays Bank plc priced $1.25 million of callable contingent coupon notes due Nov. 10, 2023 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, 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 index 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 unless any index finishes below 70% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $1,254,000
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Maturity: | Nov. 10, 2023
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Contingent coupon: | 6% per year, payable quarterly if each index 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 unless any index finishes below its final barrier, 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 valuation date after six months
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Initial levels: | 4,232.60 for S&P, 34,777.76 for Dow, 2,271.629 for Russell
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Coupon barrier levels: | 2,962.82 for S&P, 24,344.43 for Dow, 1,590.140 for Russell; 70% of initial levels
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Final barrier levels: | 2,962.82 for S&P, 24,344.43 for Dow, 1,590.140 for Russell; 70% of initial levels
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Pricing date: | May 7
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Settlement date: | May 12
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06748EPN7
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