Published on 10/15/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 buffered autocallable fixed-coupon notes tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 15 – Barclays Bank plc priced $500,000 of 11% buffered autocallable fixed-coupon notes due Oct. 13, 2022 linked to the least performing of the stocks of Square, Inc., Biogen Inc. and Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The notes will be called at par plus the coupon if the laggard stock closes above its initial level on any quarterly call valuation date after six months.
Investors will receive par if the laggard stock finishes above 75% of its initial level.
If the laggard stock finishes below 75% of its initial level, investors will lose 1.3333% for each 1% decline of the laggard stock beyond the 25% buffer payable in either shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable notes
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| Underlying stocks: | Square, Inc., Biogen Inc. and Alibaba Group Holding Ltd.
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| Amount: | $500,000
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| Maturity: | Oct. 13, 2022
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| Coupon: | 11% annual rate, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par if laggard stock finishes above buffer level; otherwise, 1.3333% loss for each 1% decline beyond buffer, payable either in shares or cash at issuer’s option
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| Call: | Automatically at par plus coupon if laggard stock closes above initial level on any quarterly call valuation date after six months
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| Initial level: | $283.55 for Biogen, $239.12 for Square, $144.10 for Alibaba
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| Buffer level: | $212.66 for Biogen, $179.34 for Square, $108.08 for Alibaba; 75% of initial levels
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 15
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| Agent: | Barclays
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| Fees: | 2.85%
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| Cusip: | 06741WH60
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