Published on 1/22/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $655,000 callable contingent coupon notes on Russell, Energy Select Sector
By Wendy Van Sickle
Columbus, Ohio, Jan. 22 – Barclays Bank plc priced $655,000 of callable contingent coupon notes due Oct. 18, 2024 linked to the worst performing of the Energy Select Sector SPDR fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.8% if each asset 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 quarterly valuation date beginning in January 2022.
If the notes are not redeemed, the payout will be par plus the final coupon unless any asset finishes below 55% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | Energy Select Sector SPDR fund and Russell 2000 index
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| Amount: | $655,000
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| Maturity: | Oct. 18, 2024
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| Contingent coupon: | 8.8% per year, payable monthly if each asset closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus coupon unless any asset finishes below 55% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date beginning in January 2022
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| Initial levels: | 2,123.2 for Russell, $42.75 for Energy
|
| Coupon barriers: | 1,380.8 for Russell, $27.79 for Energy, 65% of initial levels
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| Final barriers: | 1,167.76 for Russell, $23.51 for Energy, 55% of initial levels
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| Pricing date: | Jan. 15
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| Settlement date: | Jan. 21
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| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06747QX69
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