Published on 5/20/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $19.97 million contingent income callable notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, May 20 – Barclays Bank plc priced $19.97 million of contingent income callable securities due Feb. 20, 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 9% per year if each index closes at or above its downside threshold level, 75% 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 65% 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
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| Issue: | Contingent income callable securities
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| Underlying indexes: | S&P 500, Nasdaq-100, Russell 2000
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| Amount: | $19,967,000
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| Maturity: | Feb. 20, 2024
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| Coupon: | 9% per year, payable quarterly if each index closes at or above coupon barrier level on each trading day during that quarter
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| Price: | Par
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| 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
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| Call option: | Callable at par on any quarterly coupon payment date other than final one
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| Initial levels: | 2,224.63 for Russell, 4,173.85 for S&P, 13,393.12 for Nasdaq-100
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| Coupon barriers: | 1,668.473 for Russell, 3,130.388 for S&P, 10,044.84 for Nasdaq-100; 75% of initial levels
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| Final barrier levels: | 1,446.01 for Russell, 2,713.003 for S&P, 8,705.528 for Nasdaq-100; 65% of initial levels
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| Pricing date: | May 14
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| Settlement date: | May 19
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 1.25%
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| Cusip: | 06748EQQ9
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