Published on 7/28/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $750,000 callable contingent coupon notes on Apple, Microsoft, Amazon
By William Gullotti
Buffalo, N.Y., July 28 – Barclays Bank plc priced $750,000 of callable contingent coupon notes due July 25, 2024 linked to the performance of Apple Inc., General Motors Co. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.35% if each stock closes at or above its coupon barrier level, 65% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon unless any stock finishes below its coupon barrier.
If any stock falls below the coupon barrier but all finish at or above the 60% final barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | Apple Inc., Microsoft Corp., General Motors Co.
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| Amount: | $750,000
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| Maturity: | July 25, 2024
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| Contingent coupon: | 8.35% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon if each stock finishes at or above coupon barrier; if any stock falls below its coupon barrier, but all finish at or above the final barrier, par; otherwise, full exposure to decline of least performing stock from its initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call date after three months
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| Initial levels: | $286.14 for Microsoft, $146.80 for Apple, $3,638.03 for Amazon
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| Coupon barriers: | $185.99 for Microsoft, $95.42 for Apple, $2,364.72 for Amazon; 65% of initial levels
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| Final barrier levels: | $171.68 for Microsoft, $88.08 for Apple, $2,182.82 for Amazon; 60% of initial levels
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| Pricing date: | July 22
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| Settlement date: | July 27
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748W5W9
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