Published on 5/8/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.82 million contingent income callable notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, May 10 – Barclays Bank plc priced $8.82 million of contingent income callable securities due April 26, 2024 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 6.6% 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 the notes are not redeemed early, the payout at maturity will be par unless any index finishes below its initial level and ever finishes below its 60% final barrier level, in which case investors will be fully exposed to the 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
|
| Underlying indexes: | S&P 500, Nasdaq-100, Russell 2000
|
| Amount: | $8,816,000
|
| Maturity: | April 26, 2024
|
| Coupon: | 6.6% per year, payable quarterly if each index closes at or above coupon barrier 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: | 4,180.17 for S&P, 2,271.856 for Russell, 13,941.44 for Nasdaq
|
| Coupon barriers: | 2,926.119 for S&P, 1,590.299 for Russell, 9,759.008 for Nasdaq; 70% of initial levels
|
| Final barrier levels: | 2,508.102 for S&P, 1,363.114 for Russell, 8,364.864 for Nasdaq; 60% of initial levels
|
| Pricing date: | April 23
|
| Settlement date: | April 28
|
| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06748EKT9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
