Published on 7/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million phoenix autocallable notes on three ETFs
By William Gullotti
Buffalo, N.Y., June 30 – Barclays Bank plc priced $1.5 million of phoenix autocallable notes due June 6, 2024 linked to the least performing of the SPDR S&P 500 ETF Trust, the Invesco QQQ Trust, Series 1 and the iShares Russell 2000 Value ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 7.5% if each ETF closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par unless any ETF finishes below 75% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying funds: | SPDR S&P 500 ETF Trust, iShares Russell 2000 Value ETF, Invesco QQQ Trust, Series 1
|
| Amount: | $1,500,000
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| Maturity: | June 6, 2024
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| Coupon: | 7.5% annualized, payable monthly if each ETF closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing ETF from its initial level
|
| Call: | Automatically at par plus contingent coupon if each ETF closes at or above initial level on any monthly call observation date after one year
|
| Initial levels: | $420.33 for SPDR, $171.75 for iShares, $333.47 for QQQ
|
| Coupon barriers: | $315.25 for SPDR, $128.81 for iShares, $250.10 for QQQ; 75% of initial levels
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| Final barriers: | $315.25 for SPDR, $128.81 for iShares, $250.10 for QQQ; 75% of initial levels
|
| Pricing date: | June 2
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| Settlement date: | June 7
|
| Agent: | Barclays
|
| Fees: | 0.7%
|
| Cusip: | 06748EV67
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