Published on 3/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $521,000 callable contingent coupon notes on Russell, Dow
By Taylor Fox
New York, March 30 – Barclays Bank plc priced $521,000 of callable contingent coupon notes due March 25, 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 6% if each index 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.
If the notes are not redeemed, the payout will be par plus the final coupon unless any index finishes below 70% of its initial 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 indexes: | Dow Jones industrial average, Russell 2000 index
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Amount: | $521,000
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Maturity: | March 25, 2024
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Contingent coupon: | 6% per year, payable quarterly if each index 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 coupon unless any index 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
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Initial levels: | 32,627.97 for Dow, 2,287.55 for Russell
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Coupon barrier levels: | 22,839.58 for Dow, 1,601.29 for Russell, 70% of initial levels
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Final barrier levels: | 22,839.58 for Dow, 1,601.29 for Russell, 70% of initial levels
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Pricing date: | March 19
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Settlement date: | March 24
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Agent: | Barclays
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Fees: | 2.7%
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Cusip: | 06748ECC5
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