Published on 5/27/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $12.38 million contingent income callable notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, May 27 – Barclays Bank plc priced $12.38 million of contingent income callable securities due Nov. 24, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.85% per year if each index closes at or above its downside threshold level, 75% of its initial level, on every day that quarter.
The notes will be callable at par on any quarterly coupon payment date other than the final one.
If the notes are not redeemed early, the payout at maturity will be par unless any index finishes below its 70% final barrier 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. Morgan Stanley Wealth Management is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | S&P 500, Nasdaq-100, Russell 2000
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Amount: | $12,384,000
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Maturity: | Nov. 24, 2023
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Coupon: | 8.85% per year, payable quarterly if each index closes at or above coupon barrier level on every day that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
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Call option: | Callable at par on any quarterly coupon payment date other than final one
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Initial levels: | 2,193.642 for Russell, 4,115.68 for S&P, 13,237.91 for Nasdaq-100
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Coupon barriers: | 1,645.232 for Russell, 3,086.76 for S&P, 9,928.433 for Nasdaq-100; 75% of initial levels
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Final barrier levels: | 1,535.549 for Russell, 2,880.976 for S&P, 9,266.537 for Nasdaq-100; 70% of initial levels
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Pricing date: | May 19
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Settlement date: | May 24
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 2.5%
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Cusip: | 06748ERG0
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