Published on 6/18/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $12.51 million callable contingent coupon notes on ETF, indexes
By Wendy Van Sickle
Columbus, Ohio, June 18 – Barclays Bank plc priced $12.51 million of callable contingent coupon notes Sept. 19, 2022 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 11.55% if each asset closes at or above its coupon barrier level, 65% 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 quarterly call valuation date.
If the notes are not redeemed, the payout will be par plus the final coupon unless any asset finishes below 65%of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index, Russell 2000 index and VanEck Vectors Gold Miners ETF
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Amount: | $12,506,000
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Maturity: | Sept. 19, 2022
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Contingent coupon: | 11.55% per year, payable monthly if each asset 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 coupon unless any asset 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 quarterly call valuation date
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Initial levels: | 2,326.14 for Russell, $38.03 for ETF, 4,255.15 for S&P
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Coupon barrier levels: | 1,511.99 for Russell, $24.72 for ETF, 2,765.85 for S&P, 65% of initial levels
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Final barrier levels: | 1,511.99 for Russell, $24.72 for ETF, 2,765.85 for S&P, 65% of initial levels
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Pricing date: | June 14
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Settlement date: | June 17
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Agent: | Barclays
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Fees: | 0.55%
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Cusip: | 06748EX65
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