Published on 3/2/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.25 million contingent interest autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 2 – Barclays Bank plc priced $1.25 million of autocallable contingent interest notes due Feb. 15, 2023 linked to the Russell 2000 index, S&P 500 index and Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level – 80% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at an annualized rate of 10.1%, in which case any previously unpaid coupons will also be paid.
If the shares close at or above the initial price on any quarterly review date other than the final one, the notes will be called at par.
The payout at maturity will be par unless the stock closes below the 80% barrier level, in which case investors will lose 1% for every 1% decline of the stock.
Barclays is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent interest notes
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| Underlying stock: | Russell 2000, S&P 500, Euro Stoxx 50
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| Amount: | $1.25 million
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| Maturity: | Feb. 15, 2023
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| Coupon: | 10.1%, payable each quarter that each index closes at or above coupon barrier on review date for that quarter, in which case any previously unpaid coupons will also be paid
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any index closes below barrier, in which case 1% loss for every 1% decline
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| Call: | If the shares close at or above the initial price on any quarterly review date other than the final one, notes will be called at par
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| Initial levels: | 2,289.357 for Russell, 3,934.83 for S&P, 3,695.61 for Stoxx
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| Barrier levels: | 1,831.486 for Russell, 3,147.86 for S&P, 2,956.49 for Stoxx, 80% of initial levels
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 18
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| Agents: | Barclays with J.P. Morgan Securities LLC with JPMorgan Chase Bank, NA as placement agent
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| Fees: | 1.5%
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| Cusip: | 06747E6A6
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