Published on 1/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $23.17 million phoenix autocallable notes on Russell, S&P, ETF
Columbus, Ohio, Feb. 1 – Barclays Bank plc priced $32.17 million of phoenix autocallable notes due Jan. 26, 2023 linked to the least performing of the S&P 500 index, the SPDR S&P MidCap 400 ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.75% if each asset closes at or above its 75% coupon barrier on a related observation date.
After three months, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus any coupon unless any asset finishes below 75% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying assets: | S&P 500 index, SPDR S&P MidCap 400 ETF and Russell 2000 index
|
| Amount: | $23,171,000
|
| Maturity: | Jan. 26, 2023
|
| Coupon: | 8.75% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any asset finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing index
|
| Call: | After three months, automatically at par plus contingent coupon if each asset closes at or above initial level on any quarterly call observation date
|
| Initial level: | $448.48 for SPDR, 2,168.76 for Russell and 3,841.47 for S&P
|
| Coupon barriers: | $336.36 for SPDR, 1,626.57 for Russell and 2,881.10 for S&P; 75% of initial levels
|
| Final barriers: | $336.36 for SPDR, 1,626.57 for Russell and 2,881.10 for S&P; 75% of initial levels
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 28
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06747QWT0
|
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