Published on 4/23/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.72 million contingent income callable notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, April 23 – Barclays Bank plc priced $2.72 million of contingent income callable securities due April 6, 2023 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 6.5% per year if the index closes at or above its coupon threshold level, 75% of its initial level, on the determination date for that quarter.
The notes will be callable at par on any quarterly coupon payment date.
If the index finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus the final contingent coupon. If the final index level is less than the downside threshold level, investors will be fully exposed to the index’s decline from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying index: | S&P 500 index
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Amount: | $2,724,000
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Maturity: | April 6, 2023
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Coupon: | 6.5% annual rate, payable each quarter that index closes at or above its coupon threshold level on the determination date for that quarter
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Price: | Par
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Call option: | At par on any quarterly coupon payment date
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Payout at maturity: | If the index finishes at or above its downside threshold level, par plus the final contingent coupon; if the final index level is less than the downside threshold level, investors will be fully exposed to the index’s decline from its initial level
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Initial level: | 4,019.87
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Coupon threshold: | 3,014.903, 75% of initial level
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Downside threshold: | 3,014.903, 75% of initial level
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Pricing date: | April 1
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Settlement date: | April 7
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Agent: | Barclays
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Fees: | 1.5%
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Cusip: | 06748EG72
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