Published on 2/8/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $68.21 million contingent income callable notes linked to indexes
By Marisa Wong
Los Angeles, Feb. 8 – Barclays Bank plc priced $68.21 million of contingent income callable securities due Jan. 25, 2024 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annualized rate of 9% if each index closes at or above its coupon barrier, 75% of its initial level, on the determination date for that quarter.
The notes are callable at par plus the coupon, if any, on any quarterly contingent coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par plus the coupon, if any. Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the underwriter with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Nasdaq-100 index, S&P 500 and Russell 2000
|
| Amount: | $68,208,000
|
| Maturity: | Jan. 25, 2024
|
| Coupon: | 9% per year, payable each quarter that each index closes at or above coupon barrier on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus coupon, if any; otherwise, full exposure to least-performing index’s decline from initial level
|
| Call option: | At par plus coupon, if any, on any quarterly contingent coupon payment date
|
| Initial levels: | 13,366.40 for Nasdaq, 2,168.758 for Russell and 3,841.47 for S&P
|
| Coupon barriers: | 10,024.800 for Nasdaq, 1,626.569 for Russell and 2,881.103 for S&P; 75% of initial levels
|
| Downside thresholds: | 8,688.160 for Nasdaq, 1,409.693 for Russell and 2,496.956 for S&P; 65% of initial levels
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 27
|
| Underwriter: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 06747QXM4
|
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