Published on 7/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.3 million contingent income autocallables linked to Lockheed Martin
By Angela McDaniels
Tacoma, Wash., July 30 – Barclays Bank plc priced $1.3 million of contingent income autocallable securities with step-up redemption threshold level feature due July 29, 2022 linked to the common stock of Lockheed Martin Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Lockheed Martin shares close at or above the downside threshold level, 80% of the initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of 8%.
The notes will be called at par of $10 plus the contingent coupon if Lockheed Martin shares close at or above the redemption threshold price on any quarterly determination date other than the final determination date. The redemption threshold price is 105% of the initial share price for determination dates one through four, 110% of the initial share price for determination dates five through eight and 115% of the initial share price for determination dates nine through 11.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income autocallable securities with step-up redemption threshold level feature
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Underlying stock: | Lockheed Martin Corp. (Symbol: LMT)
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Amount: | $1,299,500
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Maturity: | July 29, 2022
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Coupon: | 8% per year, payable quarterly if Lockheed Martin shares close at or above downside threshold level on determination date for that quarter
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Price: | Par of $10.00
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Payout at maturity: | If final share price is greater than or equal to downside threshold level, par; otherwise, 1% loss for every 1% that final share price is less than initial share price
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Call: | At par plus contingent coupon if Lockheed Martin shares close at or above redemption threshold price on any quarterly determination date other than final determination date
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Initial share price: | $369.46
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Downside threshold: | $295.568, or 80% of initial share price
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Redemption thresholds: | $387.93, or 105% of initial share price, for redemption dates one through four; $406.41, or 110% of initial share price, for redemption dates five through eight; and $424.88, or 115% of initial share price, for redemption dates nine through 11
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Pricing date: | July 26
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Settlement date: | July 31
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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: | 06747C751
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