Published on 4/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $400,000 buffered autocallable contingent coupon notes on stocks
By Kiku Steinfeld
Chicago, April 30 – Barclays Bank plc priced $400,000 of buffered autocallable contingent coupon notes due April 20, 2023 linked to the least performing of the American Depository shares of Taiwan Semiconductor Manufacturing Co. Ltd. and Baidu, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of at a 7.5% annualized rate if the lower stock closes at or above its 65% coupon barrier value on the related observation date. Previously unpaid coupons will also be paid.
The notes will be callable at par if the lowest stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par if the lowest stock finishes below 66.35% of initial level, in which case investors will lose 1.507159% for each 1% decline of that stock beyond 33.65%, payable in a fixed number of shares or cash.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable contingent coupon notes
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| Underlying stocks: | Taiwan Semiconductor Manufacturing Co. Ltd. and Baidu, Inc.
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| Amount: | $400,000
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| Maturity: | April 20, 2023
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| Contingent coupon: | 7.5% annual rate, payable quarterly if the lowest stock closes at or above coupon barrier level on related observation date; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below buffer level; in which case 1.507159% loss for each 1% decline beyond buffer, payable in shares or cash
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| Call: | At par if stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $120.84 for Taiwan and $216.26 for Baidu
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| Coupon barrier levels: | $78.55 for Taiwan and $140.57 for Baidu, 65% of initial levels
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| Buffer levels: | $40.66 for Taiwan and $72.77 for Baidu, 66.35% of initial levels
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| Equity ratios: | 8.27541 for Taiwan and 4.62406 for Baidu
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| Pricing date: | April 15
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| Settlement date: | April 20
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06741WTG5
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