Published on 2/16/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.49 million callable contingent coupon notes on Russell, EM ETF
By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Barclays Bank plc priced $1.49 million of callable contingent coupon notes due Feb. 1, 2024 linked to the worst performing of the iShares MSCI Emerging Markets ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8.25% if each asset closes at or above its coupon barrier level, 70% 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 starting in July.
If the notes are not redeemed, the payout will be par plus any final coupon unless any asset finishes below 60% 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
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Issue: | Callable contingent coupon notes
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Underlying assets:Russell 2000 index and iShares MSCI Emerging Markets ETF
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Amount: | $1,485,000
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Maturity: | Feb. 1, 2024
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Contingent coupon: | 8.25% per year, payable quarterly if each asset 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 asset finishes below its final barrier level, in which case investors will lose 1% for each 1% decline of the worst performer
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Call option: | In whole at par plus any coupon due on any quarterly call valuation date starting in July
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Initial levels: | 2,108.7 for Russell, $54.29 for ETF
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Coupon barrier levels: | 1,476.09 for Russell, $38.00 for ETF; 70% of initial levels
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Final barrier levels: | 1,265.22 for Russell, $32.57 for ETF; 60% of initial levels
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Pricing date: | Jan. 27
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Settlement date: | Feb. 1
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Agent: | Barclays
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Fees: | 0.9%
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Cusip: | 06747QYP6
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