By William Gullotti
Buffalo, N.Y., Nov. 23 – Barclays Bank plc priced $5.3 million of phoenix autocallable notes due Nov. 24, 2023 linked to least performing of stocks of Deere & Co. and Caterpillar Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Deere & Co., Caterpillar Inc.
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| Amount: | $5.3 million
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| Maturity: | Nov. 24, 2023
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| Coupon: | 8% annualized, payable quarterly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months
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| Initial levels: | $357.11 for Deere, $201.42 for Caterpillar
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| Coupon barriers: | $214.27 for Deere, $120.85 for Caterpillar; 60% of initial levels
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| Final barriers: | $214.27 for Deere, $120.85 for Caterpillar; 60% of initial levels
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| Equity ratio: | 2.80026 for Deere, 4.96475 for Caterpillar; shares per note
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06741WM23
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