Published on 10/6/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.01 million autocallable contingent coupon notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 6 – Barclays Bank plc priced $2.01 million of autocallable contingent coupon notes due Sept. 30, 2022 linked to the least performing of the stocks of Las Vegas Sands Corp., DraftKings, Inc. and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 27% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the review 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 quarterly review date.
If the notes have not been called and each stock finishes at or above its 70% trigger level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level, payable in cash or shares of that stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Las Vegas Sands Corp., DraftKings, Inc. and Wynn Resorts, Ltd.
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| Amount: | $2,005,000
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| Maturity: | Sept. 30, 2022
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| Coupon: | 27% annual rate, payable quarterly if each stock closes at or above coupon barrier level on review date for that period
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above trigger level, par plus final coupon; otherwise, 1% loss for every 1% decline of worst performer from initial level, payable in cash or shares of that stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly review date
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| Initial levels: | $37.90 for Las Vegas Sands, $51.39 for DraftKings, $85.38 for Wynn
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| Coupon barrier: | $26.53 for Las Vegas Sands, $35.97 for DraftKings, $59.77 for Wynn; 70% of initial levels
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| Trigger levels: | $26.53 for Las Vegas Sands, $35.97 for DraftKings, $59.77 for Wynn; 70% of initial levels
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 12
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06741WF62
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