By Wendy Van Sickle
Columbus, Ohio, June 28 – Barclays Bank plc priced $1.77 million of callable contingent coupon notes due May 30, 2023 linked to the common stock of Palantir Technologies Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 15% each quarter if the closing price of the stock closes at or above its barrier level, 50% of its initial share price, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly observation date.
If the notes are not called, the payout will be par plus unless the stock finishes below its barrier level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stock: | Palantir Technologies Inc.
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| Amount: | $1.77 million
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| Maturity: | May 30, 2023
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| Coupon: | 15% per year, payable quarterly if stock closes at or above its coupon barrier level, 50% of its initial share price, on the observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless final share price is less than barrier level, in which case 47.12535 shares or cash equivalent
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| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial share price: | $21.22
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| Barrier level: | $10.61, 50% of initial price
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| Pricing date: | May 24
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| Settlement date: | May 27
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06741WUS7
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