Published on 7/19/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.06 million callable contingent coupon notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., July 19 – Barclays Bank plc priced $1.06 million of callable contingent coupon notes due May 31, 2024 linked to the worst performing of the S&P 500 index 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 7% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any semiannual call date.
If the notes are not redeemed early, the payout at maturity will be par unless any index finishes below its 70% 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.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
|
| Amount: | $1,057,000
|
| Maturity: | May 31, 2024
|
| Contingent coupon: | 7% per year, payable semiannually if each index closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its final barrier level, in which case full exposure to decline of least performing index from its initial level
|
| Call option: | In whole at par plus any coupon due on any semiannual call date
|
| Initial levels: | 2,273.07 for Russell, 4,200.88 for S&P
|
| Coupon barriers: | 1,591.15 for Russell, 2,940.62 for S&P; 70% of initial levels
|
| Final barrier levels: | 1,591.15 for Russell, 2,940.62 for S&P; 70% of initial levels
|
| Pricing date: | May 27
|
| Settlement date: | June 2
|
| Agent: | Barclays
|
| Fees: | 0.55%
|
| Cusip: | 06748ESD6
|
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