Published on 9/15/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $10 million fixed-coupon autocallable notes tied to Alphabet
By Kiku Steinfeld
Chicago, Sept. 15 – Barclays Bank plc priced $10 million of 10.25% fixed-coupon autocallable notes due Sept. 7, 2021 linked to the Class C capital stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if the stock closes at or above its initial level on any monthly determination date.
The payout at maturity will be par unless the stock finishes below its 80% downside threshold level, in which case investors will receive a number of shares of the underlier equal to the exchange ratio, which is the stated principal amount divided by the downside threshold level, or the cash value of those shares, at the issuer’s option.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Fixed-coupon autocallable notes
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| Underlying stock: | Alphabet Inc.
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| Amount: | $10 million
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| Maturity: | Sept. 7, 2021
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| Coupon: | 10.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless the stock finishes below its downside threshold level, in which case investors will receive a number of shares of the underlier equal to the exchange ratio, which is the stated principal amount divided by the downside threshold level, or the cash value of those shares, at the issuer’s option
|
| Call: | At par if stock closes at or above its initial level on any monthly determination date
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| Initial value: | $1,634.18
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| Downside threshold: | $1,307.344, 80% of initial level
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| Exchange ratio: | 7.64910
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| Pricing date: | Sept. 1
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| Settlement date: | Sept. 4
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 0.1%
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| Cusip: | 06747K779
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