Published on 11/12/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.19 million autocallable contingent coupon notes on Russell, S&P
By Kiku Steinfeld
Chicago, Nov. 12 – Barclays Bank plc priced $2.19 million of autocallable contingent coupon notes due April 28, 2023 linked to the worst performing of the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 7.75% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not redeemed early, the payout will be par unless either index finishes below its initial level or either index ever closes below 70% of its initial level, in which case 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: | Autocallable contingent coupon notes
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Underlying indexes: | S&P 500 index and Russell 2000 index
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Amount: | $2,191,000
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Maturity: | April 28, 2023
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Contingent coupon: | 7.75% per year, payable quarterly if each index closes at or above coupon barrier related observation date
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its initial level and either ever closes below final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call: | Par if each index closes at or above its initial level on any quarterly call observation date after six months
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Initial levels: | 4,605.38 for S&P, 2,297.19 for Russell
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Coupon barriers: | 3,223.77 for S&P, 1,608.03 for Russell; 70% of initial levels
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Final barriers: | 3,223.77 for S&P, 1,608.03 for Russell; 70% of initial levels
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Pricing date: | Oct. 29
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Settlement date: | Nov. 3
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Agent: | Barclays
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Fees: | 1.15%
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Cusip: | 06748WKP7
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