By Taylor Fox
New York, Aug. 26 – Barclays Bank plc priced $1.23 million of autocallable contingent coupon notes due Feb. 25, 2022, linked to the worst performing of the common stocks of Tesla, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 22% if each stock closes at or above its coupon barrier level, 55% of its initial level, on the valuation date for that period. Previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon due if each stock closes above its initial level on any quarterly valuation date.
If each stock finishes at or above its final barrier level, 55% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing stock, payable either in shares of the worst performer or cash at the issuer’s option.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stocks: | Tesla, Inc. and Netflix, Inc.
|
| Amount: | $1,288,000
|
| Maturity: | Feb. 25, 2022
|
| Contingent coupon: | 22% per year, payable quarterly if each stock closes at or above coupon barrier on the valuation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing stock, payable either in cash or shares at the issuer’s option
|
| Call: | At par plus coupon if each stock closes above initial level on any quarterly valuation date
|
| Initial level: | $781.30 for Tesla and $540.22 for Netflix
|
| Coupon barrier levels: | $429.72 for Tesla and $297.12 for Netflix; 55% of initial levels
|
| Final barriers: | $429.72 for Tesla and $297.12 for Netflix; 55% of initial levels
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 25
|
| Underwriter: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06741WRG7
|
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