Published on 4/16/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.07 million callable contingent coupon notes tied to bank stocks
By Wendy Van Sickle
Columbus, Ohio, April 16 – Barclays Bank plc priced $1.07 million of callable contingent coupon notes due April 16, 2029 linked to the worst performing of PNC Financial Services Group, Inc., U.S. Bancorp and Truist Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 14.5% if each stock 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 quarterly call date.
If the notes are not redeemed early and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 55% final barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stocks: | PNC Financial Services Group, Inc., U.S. Bancorp, Truist Financial Corp.
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Amount: | $1,069,000
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Maturity: | April 16, 2029
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Contingent coupon: | 14.5% per year, payable quarterly if each stock closes at or above coupon barrier on the observation date for that period
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Price: | Par
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Payout at maturity: | Par plus final coupon if each stock finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, lose 1% for every 1% that the worst performer has declined from its initial level
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Call option: | In whole at par plus any coupon due on any quarterly call date
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Initial levels: | $154.08 for PNC, $41.92 for U.S. Bancorp, $37.30 for Tuist
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Coupon barriers: | $100.15 for PNC, $27.25 for U.S. Bancorp, $24.25 for Tuist; 65% of initial levels
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Final barrier levels: | $84.74 for PNC, $23.06 for U.S. Bancorp, $20.52 for Tuist; 55% of initial levels
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Pricing date: | April 11
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Settlement date: | April 16
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Agent: | Barclays
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Fees: | 3.75%
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Cusip: | 06745QKT5
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