Published on 2/24/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.72 million callable contingent coupon notes on Russell, Dow
By Taylor Fox
New York, Feb. 24 – Barclays Bank plc priced $3.72 million of callable contingent coupon notes due Feb. 23, 2024 linked to the worst performing of the Dow Jones industrial average 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 7.25% if each asset closes at or above its barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable at par plus any coupon due on any quarterly valuation date after six months.
If the notes are not redeemed, the payout will be par unless any index finishes below its 70% final barrier level, in which case investors will be fully exposed to the loss of the least performing index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | Dow Jones industrial average, Russell 2000 index
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Amount: | $3,721,000
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Maturity: | Feb. 23, 2024
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Contingent coupon: | 7.25% per year, payable quarterly if each asset closes at or above barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its barrier level, in which case investors will be fully exposed to the loss of the least performing index
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Call option: | Par plus any coupon due on any quarterly valuation date after six months
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Initial level: | 2,266.69 for Russell, 31,494.32 for Dow
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Coupon barriers: | 1,586.68 for Russell, 22,046.02 for Dow; 70% of initial levels
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Barriers: | 1,586.68 for Russell, 22,046.02 for Dow; 70% of initial levels
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Pricing date: | Feb. 19
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Settlement date: | Feb. 24
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Agent: | Barclays
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Fees: | 2.05%
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Cusip: | 06748E2Z5
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