Published on 6/21/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $509,000 callable contingent coupon notes on Moderna
By Wendy Van Sickle
Columbus, Ohio, June 21 – Barclays Bank plc priced $509,000 of callable contingent coupon equity-linked notes due June 15, 2023 linked to the common stock of Moderna, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15% if the stock closes at or above its coupon trigger level, 65% of the initial price, on the determination date for that period.
The notes will be callable on any quarterly determination date after six months.
The payout at maturity will be par unless the stock finishes below its 65% trigger level, in which case investors will lose 1% for each 1% decline, payable as cash or shares at the issuer’s discretion.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon equity-linked notes
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Underlying stock: | Moderna, Inc.
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Amount: | $509,000
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Maturity: | June 15, 2023
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Coupon: | 15% per year, payable quarterly if shares close at or above coupon trigger level on a related determination date
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Price: | Par
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Payout at maturity: | Par unless the stock finishes below its trigger level, in which case investors will lose 1% for each 1% decline, payable as cash or shares at the issuer’s discretion
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Call option: | At par on any quarterly determination date after six months
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Initial share price: | $218.85
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Coupon trigger level: | $142.25; 65% of initial share price
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Trigger level: | $142.25; 65% of initial share price
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Pricing date: | June 11
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Settlement date: | June 17
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06741WWB2
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