Published on 8/4/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.09 million autocallable contingent interest notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., Aug. 4 – Barclays Bank plc priced $2.09 million of autocallable contingent interest notes due Jan. 31, 2023 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.5% if each index closes at or above its interest barrier level, 70% of its initial level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date after six months.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 70% trigger value during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent interest notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
|
| Amount: | $2,092,000
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| Maturity: | Jan. 31, 2023
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| Coupon: | 6.5% annual rate, payable quarterly if each index closes at or above interest barrier level on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index closes below its trigger value during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date after six months
|
| Initial levels: | 4,395.26 for S&P, 2,226.25 for Russell
|
| Interest barrier: | 3,076.68 for S&P, 1,558.37 for Russell; 70% of initial levels
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| Trigger levels: | 3,076.68 for S&P, 1,558.37 for Russell; 70% of initial levels
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| Pricing date: | July 30
|
| Settlement date: | Aug. 4
|
| Agent: | Barclays
|
| Fees: | 1.15%
|
| Cusip: | 06748W2V4
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