Published on 8/25/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million callable contingent coupon notes on Dow, Nasdaq, S&P
By Taylor Fox
New York, Aug. 25 – Barclays Bank plc priced $1 million of callable contingent coupon notes due Feb. 12, 2026 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 7% if each index closes at or above its coupon barrier level, 65% 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 semiannual valuation date.
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, Nasdaq-100 index, S&P 500 index
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Amount: | $1 million
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Maturity: | Feb. 12, 2026
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Contingent coupon: | 7% per year, payable semiannually 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 plus any coupon unless any index finishes below final barrier level, in which case investors will be fully exposed to the loss of the least performing index
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Call option: | In whole at par plus any coupon due on any semiannual valuation date
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Initial levels: | 13,603.96 for Nasdaq, 3,886.83 for S&P and 31,148.24 for Dow
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Coupon barriers: | 8,842.57 for Nasdaq, 2,526.44 for S&P and 20,246.36 for Dow, 65% of initial levels
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Final barriers: | 8,162.38 for Nasdaq, 2,332.10 for S&P and 18,688.94 for Dow, 60% of initial levels
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Pricing date: | Feb. 8
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Settlement date: | Feb. 11
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06748E5V1
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