Published on 7/21/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $758,000 contingent coupon autocallables on three stocks
By Kiku Steinfeld
Chicago, July 21 – Barclays Bank plc priced $758,000 of autocallable contingent coupon notes due July 20, 2023 linked to the worst performing of the common stocks of Humana Inc., PepsiCo, Inc. and State Street Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of 14% per annum if each stock closes at or above its 55% coupon barrier level on the determination date for that month.
Beginning six months after issuance, 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 autocall date.
If the notes are not called, the payout at maturity will be par plus the coupon unless any stock finishes below its 55% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stocks: | Humana Inc., PepsiCo, Inc. and State Street Corp.
|
| Amount: | $758,000
|
| Maturity: | July 20, 2023
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| Contingent coupon: | Contingent monthly coupon of 14% if each stock closes at or above coupon barrier level on the determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of worst-performing stock
|
| Call option: | Beginning six months after issuance, automatically at par plus contingent coupon if each stock closes at or above initial share price on any quarterly autocall date
|
| Initial share prices: | $404.49 for Humana, $134.66 for PepsiCo and $61.71 for State Street
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| Coupon barrier levels: | $222.47 for Humana, $74.06 for PepsiCo and $33.94 for State Street; 55% of initial levels
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| Final barrier levels: | $222.47 for Humana, $74.06 for PepsiCo and $33.94 for State Street; 55% of initial levels
|
| Pricing date: | July 17
|
| Settlement date: | July 22
|
| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06747Q6V4
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