Published on 2/16/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $26.65 million contingent income callable notes linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Barclays Bank plc priced $26.65 million of contingent income callable securities due Feb. 9, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annualized rate of 6.15% if the index closes at or above its coupon barrier, 65% of its initial level, on every day that quarter.
The notes are callable at par plus the coupon, if any, on any quarterly contingent coupon payment date other than the final one.
If the index finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par plus the coupon, if any. Otherwise, investors will be fully exposed to decline of the index from its initial level.
Barclays is the underwriter with Morgan Stanley Wealth Management as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying index: | S&P 500
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| Amount: | $26,648,000
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| Maturity: | Feb. 9, 2023
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| Coupon: | 6.15% per year, payable each quarter that the index closes at or above coupon barrier on every day that quarter
|
| Price: | Par
|
| Payout at maturity: | If the index finishes at or above downside threshold, par plus coupon, if any; otherwise, full exposure to index’s decline from initial level
|
| Call option: | At par plus coupon, if any, on any quarterly contingent coupon payment date
|
| Initial level: | 3,886.83
|
| Coupon barrier: | 2,526.44; 65% of initial level
|
| Downside threshold: | 2,526.44; 65% of initial level
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 10
|
| Underwriter: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 1.5%
|
| Cusip: | 06748E2Q5
|
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