Published on 5/10/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.28 million callable contingent coupon notes on index, ETFs
By William Gullotti
Buffalo, N.Y., May 10 – Barclays Bank plc priced $1.28 million of callable contingent coupon notes April 24, 2023 linked to the worst performing of the S&P 500 index, the Financial Select Sector SPDR fund and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 10.1% if each asset closes at or above its coupon barrier level, 75% 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 call valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any asset finishes below 75% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | S&P 500 index, Financial Select Sector SPDR Fund and SPDR S&P Regional Banking ETF
|
| Amount: | $1,281,000
|
| Maturity: | April 24, 2023
|
| Contingent coupon: | 10.1% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any asset finishes below its final barrier level, in which case investors will lose 1% for each 1% decline of the worst performer
|
| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
|
| Initial levels: | 4,163.26 for S&P, $35.30 for financial, $67.29 for banking
|
| Coupon barrier levels: | 3,122.45 for S&P, $26.48 for financial, $50.47 for banking; 75% of initial levels
|
| Final barrier levels: | 3,122.45 for S&P, $26.48 for financial, $50.47 for banking; 75% of initial levels
|
| Pricing date: | April 19
|
| Settlement date: | April 22
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06748EKF9
|
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