Published on 4/26/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.19 million callable contingent coupon notes on S&P, Dow, Russell
By Kiku Steinfeld
Chicago, April 26 – Barclays Bank plc priced $2.19 million of callable contingent coupon notes due March 20, 2023 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 11.5% if each underlying index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be callable at par plus any contingent coupon otherwise due on any quarterly call valuation date.
The payout at maturity will be par unless any index finishes below its 70% 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 indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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Amount: | $2,185,000
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Maturity: | March 20, 2023
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Coupon: | 11.5% annualized, payable each quarter that each index closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss per 1% decline of the worst performing index
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Call option: | At par plus contingent coupon on any quarterly call valuation date
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Initial levels: | 32,953.46 for Dow, 3,968.94 for S&P, 2,360.17 for Russell
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Coupon barriers: | 23,067.42 for Dow, 2,778.26 for S&P, 1,652.12 for Russell; 70% of initial levels
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Barrier levels: | 23,067.42 for Dow, 2,778.26 for S&P, 1,652.12 for Russell; 70% of initial levels
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Pricing date: | March 17
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Settlement date: | March 22
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Agent: | Barclays
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Fees: | 0.4%
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Cusip: | 06748EFH1
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