Published on 2/24/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.69 million contingent income callable securities on S&P 500
By William Gullotti
Buffalo, N.Y., Feb. 24 – Barclays Bank plc priced $4.69 million of contingent income callable securities due Feb. 23, 2024 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 7.15% 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: | $4,685,000
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Maturity: | Feb. 23, 2024
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Coupon: | 7.15% 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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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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Call option: | At par on any quarterly coupon payment date
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Initial level: | 4,348.87
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Coupon threshold: | 3,261.653, 75% of initial level
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Downside threshold: | 3,261.653, 75% of initial level
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Pricing date: | Feb. 18
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Settlement date: | Feb. 24
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Agent: | Barclays
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 1.5%
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Cusip: | 06748XF89
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