Published on 6/17/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.01 million callable contingent coupon notes on Russell, Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, June 17 – Barclays Bank plc priced $2.01 million of callable contingent coupon notes due May 24, 2024 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 8.4% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any semiannual observation date after six months.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 70% of its initial 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: | S&P 500, Russell 2000 index, Dow Jones industrial average
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Amount: | $2,012,000
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Maturity: | May 24, 2024
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Contingent coupon: | 8.4% per year, payable semiannual if each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any index finishes below its final barrier level, in which case investors will lose 1% for each 1% decline of the worst performer
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Call option: | In whole at par plus any coupon due on any semiannual observation date after six months
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Initial levels: | 34,207.84 Dow, 4,247.44 for S&P, 2,335.808 for Russell
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Coupon barrier levels: | 23,945.49 for Dow, 2,909.1 for S&P, 1,550.69 for Russell; 70% of initial levels
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Final barrier levels: | 23,945.49 for Dow, 2,909.1 for S&P, 1,550.69 for Russell; 70% of initial levels
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Pricing date: | May 21
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Settlement date: | May 26
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Agent: | Barclays
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Fees: | 0.45%
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Cusip: | 06748EQ97
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