Published on 8/29/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.63 million callable contingent coupon notes on three tech stocks
By William Gullotti
Buffalo, N.Y., Aug. 29 – Barclays Bank plc priced $1.63 million of callable contingent coupon notes due Aug. 27, 2027 linked to the worst performing of AT&T Inc., Lumen Technologies, Inc. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 21.6% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date after six months.
If the notes are not redeemed early and each stock finishes at or above its coupon barrier level, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but not below its 60% final barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | AT&T Inc., Verizon Communications Inc., Lumen Technologies, Inc.
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| Amount: | $1,627,000
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| Maturity: | Aug. 27, 2027
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| Contingent coupon: | 21.6% per year, payable quarterly if each stock closes at or above coupon barrier on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above its coupon barrier; if the worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, full exposure to decline of least performing stock from its initial level
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| Call option: | In whole at par plus any coupon due on any quarterly call date after six months
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| Initial levels: | $43.55 for Verizon, $18.01 for AT&T, $10.91 for Lumen
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| Coupon barriers: | $30.48 for Verizon, $12.61 for AT&T, $7.64 for Lumen; 70% of initial levels
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| Final barrier levels: | $26.13 for Verizon, $10.81 for AT&T, $6.55 for Lumen; 60% of initial levels
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 29
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| Agent: | Barclays
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| Fees: | 3.9%
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| Cusip: | 06748XPQ8
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