Published on 2/15/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.03 million callable contingent coupon notes on Russell, Nasdaq, Dow
By Taylor Fox
New York, Feb. 16 – Barclays Bank plc priced $3.03 million of callable contingent coupon notes due Jan. 25, 2024 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index 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 6.2% 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 plus any final coupon unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
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Amount: | $3,029,000
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Maturity: | Jan. 25, 2024
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Contingent coupon: | 6.2% per year, payable quarterly if each asset 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 index finishes below its final barrier level, 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: | 2,141.42 for Russell, 13,404.99 for Nasdaq and 31,176.01 for Dow
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Coupon barrier levels: | 1,498.99 for Russell, 9,383.49 for Nasdaq and 21,823.21 for Dow; 70% of initial levels
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Final barrier levels: | 1,284.85 for Russell, 8,042.99 for Nasdaq and 18,705.61 for Dow; 60% of initial levels
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Pricing date: | Jan. 21
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Settlement date: | Jan. 26
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Agent: | Barclays
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Fees: | 2.85%
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Cusip: | 06747QXD4
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