Published on 7/14/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.4 million callable contingent coupon notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, July 14 – Barclays Bank plc priced $1.4 million of callable contingent coupon notes due May 31, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 5% each month if the index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any monthly call observation date after six months.
If the notes are not called, the payout will be par plus unless the index finishes below its 65% barrier level, in which case investors will be fully exposed to the loss.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying index: | S&P 500 index
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Amount: | $1,395,000
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Maturity: | May 31, 2024
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Coupon: | 5% per year, payable monthly if index closes at or above its coupon barrier level on the observation date for that period
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Price: | Par
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Payout at maturity: | Par unless final level is less than barrier level, in which case full exposure to loss
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Call option: | At par plus any coupon due on any monthly call observation date after six months
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Initial level: | 4,195.99
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Coupon barrier: | 2,937.19, 70% of initial level
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Barrier level: | 2,727.39, 65% of initial level
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Pricing date: | May 26
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Settlement date: | June 1
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Agent: | Barclays
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Fees: | 0.5%
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Cusip: | 06748ER54
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