Published on 10/12/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4 million contingent coupon autocallables on stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 12 – Barclays Bank plc priced $4 million of autocallable contingent coupon notes due Sept. 30, 2021 linked to the least performing of the shares of PayPal Holdings, Inc., Square, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon of 16.5% per annum if each stock closes at or above its 80% coupon barrier level on the determination date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any determination date other than the final one.
If the notes are not called, the payout at maturity will be par plus the coupon unless any stock finishes below its 80% buffer level, in which case investors will lose 1% for each 1% decline of the worst performing stock beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | PayPal Holdings, Inc., Square, Inc. and Visa Inc.
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| Amount: | $4 million
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| Maturity: | Sept. 30, 2021
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| Contingent coupon: | Contingent semiannual coupon of 16.5% if each component closes at or above coupon barrier level on the determination date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below buffer level, in which case 1% loss for each 1% decline of worst-performing stock beyond buffer
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| Call option: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any determination date other than final one
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| Initial stock levels: | $187.25 for PayPal, $157.72 for Square, $197.25 for Visa
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| Coupon barrier levels: | $149.80 for PayPal, $126.18 for Square, $157.80 for Visa; 80% of initial levels
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| Buffer levels: | $149.80 for PayPal, $126.18 for Square, $157.80 for Visa; 80% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agent: | Barclays
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| Fees: | 1.7%
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| Cusip: | 06747QKP1
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