New Issue: Barclays prices $560,000 callable contingent coupon notes on three stocks

By William Gullotti

Buffalo, N.Y., July 26 – Barclays Bank plc priced $560,000 of callable contingent coupon notes due July 25, 2025 linked to the worst performing of Dow, Inc., Shell plc and FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent monthly coupon at an annualized rate of 18.75% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.

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 65% final barrier level, the payout will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the issuer’s option, the cash value.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable contingent coupon notes
Underlying stocks:	Dow, Inc., FedEx Corp., Shell plc
Amount:	$560,000
Maturity:	July 25, 2025
Contingent coupon:	18.75% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period; coupon payment events will automatically include any previously unpaid coupons
Price:	Par
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, receive a number of shares of the worst performer equal to its equity ratio or, at the issuer’s option, the cash equivalent
Call option:	In whole at par plus any coupon due on any quarterly call date
Initial levels:	$254.73 for FedEx, $52.43 for Dow, $60.81 for Shell
Coupon barriers:	$178.31 for FedEx, $36.70 for Dow, $42.57 for Shell; 70% of initial levels
Final barrier levels:	$165.57 for FedEx, $34.08 for Dow, $39.53 for Shell; 65% of initial levels
Equity ratio:	3.92573 for FedEx, 19.07305 for Dow, 16.44466 for Shell; shares delivered per note
Strike date:	July 17
Pricing date:	July 20
Settlement date:	July 25
Agent:	Barclays
Fees:	None
Cusip:	06741W6K1

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