Published on 9/23/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.38 million contingent interest autocalls on Honeywell
By Marisa Wong
Los Angeles, Sept. 23 – Barclays Bank plc priced $3.38 million of autocallable contingent interest notes due Oct. 6, 2021 linked to the common stock of Honeywell International Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier price, 80% of the initial share price, on a quarterly review date, the issuer will pay a contingent coupon for that quarter at an annualized rate of 10.35% along with any previously unpaid contingent coupons.
If the shares close at or above the initial price on any quarterly review date other than the final one, the notes will be called at par.
The payout at maturity will be par unless the stock finishes below the 80% trigger price, in which case investors will be fully exposed to the share price decline.
Barclays is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as placement agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent interest notes
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| Underlying stock: | Honeywell International Inc. (Symbol: HON)
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| Amount: | $3,379,000
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| Maturity: | Oct. 6, 2021
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| Coupon: | 10.35% per year, payable each quarter that stock closes at or above coupon barrier on review date for that quarter, in which case any previously unpaid coupons will also be paid
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless stock finishes below trigger price, in which case full exposure to share price decline
|
| Call: | At par if the shares close at or above the initial price on any quarterly review date other than the final one
|
| Initial price: | $168.70
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| Coupon barrier: | $134.96, 80% of initial price
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| Trigger price: | $134.96, 80% of initial price
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| Final price: | Average of closing share prices on five trading days ending Oct. 1, 2021
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 23
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| Agents: | Barclays with J.P. Morgan Securities LLC with JPMorgan Chase Bank, NA as placement agents
|
| Fees: | 1%
|
| Cusip: | 06747QJ81
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