Published on 3/31/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $18.45 million contingent income callable notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, March 31 – Barclays Bank plc priced $18.45 million of contingent income callable securities due March 30, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9.85% per year if each index closes at or above its downside threshold level, 70% of its initial level, on each trading day during that quarter.
The notes will be callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
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| Underlying indexes: | S&P 500, Nasdaq-100, Russell 2000
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| Amount: | $18,451,000
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| Maturity: | March 30, 2023
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| Coupon: | 9.85% per year, payable quarterly if each index closes at or above downside threshold level on each trading day during that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
|
| Call option: | Callable at par on any quarterly coupon payment date other than final one
|
| Initial levels: | 2,221.482 for Russell, 3,974.54 for S&P, 12,979.12 for Nasdaq
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| Downside thresholds: | 1,555.037 for Russell, 2,782.178 for S&P, 9,085.384 for Nasdaq, 70% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 31
|
| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06748EFZ1
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