Published on 5/5/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.32 million callable contingent coupon notes on Russell, Nasdaq, S&P
By Kiku Steinfeld
Chicago, May 5 – Barclays Bank plc priced $1.32 million of callable contingent coupon notes due Jan. 19, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 5.75% if each index 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 monthly valuation date after six months.
If the notes are not redeemed early, the payout at maturity 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 decline of the least performing index from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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Amount: | $1,314,000.
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Maturity: | Jan. 19, 2024
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Contingent coupon: | 5.75% per year, payable monthly if each index closes at or above coupon barrier on the observation 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 final barrier, in which case full exposure to any decline in least performing index
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Call option: | In whole at par plus any coupon due on any monthly call date after six months
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Initial levels: | 14,041.91 for Nasdaq, 2,262.67 for Russell, 4,185.47 for S&P
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Coupon barriers: | 9,829.34 for Nasdaq, 1,583.87 for Russell, 2,929.83 for S&P; 70% of initial levels
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Final barriers: | 8,425.15 for Nasdaq, 1,357.60 for Russell, 2,511.28 for S&P; 60% of initial levels
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Pricing date: | April 16
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Settlement date: | April 21
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Agent: | Barclays
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Fees: | 2.55%
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Cusip: | 06748EH55
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