Published on 5/31/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.72 million contingent income callable notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, June 1 – Barclays Bank plc priced $2.72 million of contingent income callable securities due Nov. 10, 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 10.1% per year if each index closes at or above its downside threshold level, 75% of its initial level, on the observation date 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 75% 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: | $2,723,000
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Maturity: | Nov. 10, 2023
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Coupon: | 10.1% per year, payable quarterly if each index closes at or above coupon barrier level on the observation date 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: | 4,232.60 for S&P, 13,719.63 for Nasdaq, 2,271.629 for Russell
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Coupon barrier levels: | 3,174.450 for S&P, 10,289.723 for Nasdaq, 1,703.722 for Russell; 75% of initial levels
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Final barrier levels: | 3,174.450 for S&P, 10,289.723 for Nasdaq, 1,703.722 for Russell; 75% of initial levels
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Pricing date: | May 7
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Settlement date: | May 12
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 1.875%
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Cusip: | 06748ENR0
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