Published on 2/14/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.74 million contingent income autocalls on three finance stocks
By William Gullotti
Buffalo, N.Y., Feb. 14 – Barclays Bank plc priced $3.74 million of autocallable contingent income securities due Feb. 13, 2025 linked to the stocks of Capital One Financial Corp., Goldman Sachs Group, Inc. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 11.3% per year if each stock closes at or above its coupon barrier level, 70% of its initial level, on the corresponding observation date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any quarterly observation date after six months.
If 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 not below the 60% downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performing stock declines from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent income securities
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| Underlying stocks: | Capital One Financial Corp., Goldman Sachs Group, Inc., Wells Fargo & Co.
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| Amount: | $3,744,000
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| Maturity: | Feb. 13, 2025
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| Coupon: | 11.3% per year, payable quarterly if each stock closes at or above coupon barrier level on the corresponding observation date
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| Price: | Par of $10
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| Payout at maturity: | If each stock finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above downside threshold level, par; otherwise, 1% loss for every 1% that worst performing stock declines from initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months
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| Initial stock levels: | $158.84 for Capital One, $374.53 for Goldman Sachs, $59.06 for Wells Fargo
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| Coupon barrier levels: | $111.188 for Capital One, $262.171 for Goldman Sachs, $41.342 for Wells Fargo; 70% of initial levels
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| Downside threshold levels: | $95.304 for Capital One, $224.718 for Goldman Sachs, $35.436 for Wells Fargo; 60% of initial levels
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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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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06748B307
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