Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $878,000 callable contingent coupon notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, May 18 – Barclays Bank plc priced $878,000 of callable contingent coupon notes due July 20, 2023 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 878B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10.25% 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 monthly valuation date after three months.
If the notes are not redeemed early, the payout will be par unless any index finishes below its initial level and any index has closed below 70% of its initial level during the life of the notes, in which case investors will lose 1% for every 1% that the least performing index declines.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $878,000
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| Maturity: | July 20, 2023
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| Contingent coupon: | 10.25% per year, payable monthly if each index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its initial level and any index has closed below 70% of its initial level during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
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| Initial levels: | 4,471.37 for S&P, 15,146.92 for Nasdaq, 2,265.65 for Russell
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| Coupon barrier levels: | 3,129.96 for S&P, 10,602.84 for Nasdaq, 1,585.96 for Russell; 70% of initial levels
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| Final barrier levels: | 3,129.96 for S&P, 10,602.84 for Nasdaq, 1,585.96 for Russell; 70% of initial levels
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| Pricing date: | Oct. 15, 2021
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| Settlement date: | Oct. 20, 2021
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| Agent: | Barclays
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| Fees: | 0.8%
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| Cusip: | 06748WLF8
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