By William Gullotti
Buffalo, N.Y., Feb. 24 – Barclays Bank plc priced $750,000 of callable contingent coupon notes April 27, 2023 linked to the common stock of Carnival Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 14.1% if the stock closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless the stock finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing stock, payable in cash or 37.16091 shares per note at the issuer’s discretion.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stock: | Carnival Corp.
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Amount: | $750,000
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Maturity: | April 27, 2023
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Contingent coupon: | 14.1% per year, payable quarterly if the stock closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par plus coupon unless the stock finishes below its final barrier level, in which case investors will lose 1% for each 1% decline of the worst performer, payable in cash or 37.16091 shares per note at the issuer’s discretion
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Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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Initial levels: | $26.91
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Coupon barrier levels: | $16.15; 60% of initial levels
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Final barrier levels: | $16.15; 60% of initial levels
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Pricing date: | April 22, 2021
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Settlement date: | April 27, 2021
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06741WTL4
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