Published on 7/22/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 autocallable contingent coupon notes on stocks
By Wendy Van Sickle
Columbus, Ohio, July 22 – Barclays Bank plc priced $500,000 of autocallable contingent coupon notes due July 12, 2024 linked to the worst performing of the stocks of Chevron Corp., Verizon Communications Inc. and Merck & Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.75% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the laggard stock’s decline from its initial level, payable as cash or a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price at the issuer’s option.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying stocks: | Chevron Corp., Verizon Communications Inc., Merck & Co., Inc.
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Amount: | $500,000
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Maturity: | July 12, 2024
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Contingent coupon: | 8.75% per year, payable monthly if each stock closes at or above coupon barrier related observation date
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Price: | Par
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Payout at maturity: | If each stock finishes at or above its final barrier price, par plus the final coupon; otherwise, investors will be exposed to the laggard stock’s decline from its initial level, payable as cash or shares at the issuer’s option
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after six months
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Initial levels: | $104.07 for Chevron, $56.07 for Verizon, $77.99 for Merck
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Coupon barriers: | $72.85 for Chevron, $39.25 for Verizon, $54.59 for Merck; 70% of initial levels
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Final barriers: | $62.44 for Chevron, $33.64 for Verizon, $46.79 for Merck; 60% of initial levels
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Pricing date: | July 9
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Settlement date: | July 14
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06741W3N1
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