Published on 2/14/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.89 million autocallable contingent coupon notes on Deere, Apple
By William Gullotti
Buffalo, N.Y., Feb. 14 – Barclays Bank plc priced $4.89 million of autocallable contingent coupon notes due Aug. 18, 2022 linked to the worst performing of the stocks of Deere & Co. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8% if each stock closes at or above its coupon barrier level, 62% of its initial level, on the related observation date, in which case any previously unpaid coupons will also be paid.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 62% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the laggard stock’s decline from its initial level, payable as cash or a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price at the issuer’s option.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying stocks: | Deere & Co., Apple Inc.
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Amount: | $4,891,000
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Maturity: | Feb. 13, 2025
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Contingent coupon: | 8% per year, payable quarterly plus any previously unpaid coupons if each stock closes at or above coupon barrier related observation date
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Price: | Par
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Payout at maturity: | If each stock finishes at or above its final barrier price, par plus the final coupon; otherwise, investors will be exposed to the laggard stock’s decline from its initial level, payable as shares equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly call observation date after six months
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Initial levels: | $395.40 for Deere, $176.28 for Apple
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Coupon barriers: | $245.15 for Deere, $109.29 for Apple; 62% of initial levels
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Final barriers: | $245.15 for Deere, $109.29 for Apple; 62% of initial levels
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Physical delivery levels: | 2.52908 for Deere, 5.67279 for Apple; shares per note
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Pricing date: | Feb. 9
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Settlement date: | Feb. 14
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Agent: | Barclays
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Fees: | 3%
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Cusip: | 06741WT91
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