Published on 6/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million callable contingent coupon notes on indexes, ETF
By Kiku Steinfeld
Chicago, June 30 – Barclays Bank plc priced $1 million of callable contingent coupon notes due June 21, 2024 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon plus any previously unpaid coupons at an annualized rate of 8.5% if each underlier closes at or above its coupon barrier level, 80% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the notes are not redeemed early, the payout at maturity will be par unless any underlier finishes below its 65% final barrier level, in which case investors will be fully exposed to the decline of the least performing underlier from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | Russell 2000 index, S&P 500 index, iShares MSCI Emerging Markets ETF
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| Amount: | $1 million
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| Maturity: | June 21, 2024
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| Contingent coupon: | 8.5% per year, payable monthly plus any previously unpaid coupons if each underlier closes at or above coupon barrier on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any underlier finishes below its final barrier level, in which case full exposure to decline of least performing underlier
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| Call option: | In whole at par plus any coupon due on any monthly call date after three months
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| Initial levels: | $54.23 for ETF, 2,237.75 for Russell, 4,166.45for S&P
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| Coupon barriers: | $43.38 for ETF, 1,790.20 for Russell, 3,333.16 for S&P; 80% of initial levels
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| Final barrier levels: | $35.25 for ETF, 1,454.54 for Russell, 2,708.19 for S&P; 65% of initial levels
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| Pricing date: | June 18
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| Settlement date: | June 23
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06748EXP3
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