Published on 8/8/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million callable contingent coupon notes on S&P, Russell, Dow
Chicago, Aug. 8 – Barclays Bank plc priced $2 million of callable contingent coupon notes due Dec. 26, 2024 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8% if each index closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par if all three indexes close at or above 60% of their initial levels. Otherwise, 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, Dow Jones industrial average and S&P 500 index
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Amount: | $2,000,000
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Maturity: | Dec. 26, 2024
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Contingent coupon: | 8% per year, payable quarterly 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 if all indexes close above barrier levels; otherwise, investors will lose 1% for every 1% that the least-performing index declines from its initial level
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Call: | In whole at par plus any coupon due on any quarterly valuation date at option of issuer
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Initial levels: | 4,568.02 for S&P, 34,932.16 for Dow, 2,139.88 for Russell
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Coupon barrier levels: | 2,740.81 for S&P, 20,959.30 for Dow, 1,283.93 for Russell; 60% of initial levels
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Final barrier levels: | 2,740.81 for S&P, 20,959.30 for Dow, 1,283.93 for Russell; 60% of initial levels
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Pricing date: | Dec. 20, 2021
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Settlement date: | Dec. 23, 2021
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Agent: | Barclays
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Fees: | 0.35%
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Cusip: | 06748WYT4
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