Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.7 million callable contingent coupon notes on three ETFs
By William Gullotti
Buffalo, N.Y., April 4 – Barclays Bank plc priced $3.7 million of callable contingent coupon notes due Nov. 10, 2023 linked to the worst performing of the iShares Russell 2000 ETF, the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 7% if each fund closes at or above its coupon barrier level, 65% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any semiannual call date.
If the notes are not redeemed early, the payout at maturity will be par unless any fund finishes below its 60% final barrier level, in which case investors will be fully exposed to the decline of the least performing fund from its initial level, payable as cash or shares at the issuer’s discretion.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying ETFs: | SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1
|
| Amount: | $3,695,000
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| Maturity: | Nov. 10, 2023
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| Contingent coupon: | 7% per year, payable semiannually if each fund closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any fund finishes below its final barrier level, in which case full exposure to decline of least performing fund, payable as cash or shares at the issuer’s discretion
|
| Call option: | In whole at par plus any coupon due on any semiannual call date
|
| Initial levels: | $330.17 for QQQ, $415.62 for SPDR, $223.29 for iShares
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| Coupon barriers: | $214.61 for QQQ, $270.15 for SPDR, $145.14 for iShares; 65% of initial levels
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| Final barrier levels: | $198.10 for QQQ, $249.37 for SPDR, $133.97 for iShares; 60% of initial levels
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| Pricing date: | May 5, 2021
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| Settlement date: | May 10, 2021
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| Agent: | Barclays
|
| Fees: | 0.95%
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| Cusip: | 06741WUB4
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