Published on 4/26/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million callable contingent coupon notes on three banking stocks
By William Gullotti
Buffalo, N.Y., April 26 – Barclays Bank plc priced $1 million of callable contingent coupon notes due April 24, 2025 linked to the worst performing of JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 21.65% if each stock closes at or above its coupon barrier level, 75% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon unless any stock finishes below its 75% final barrier level, in which case 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
|
| Issue: | Callable contingent coupon notes
|
| Underlying stocks: | JPMorgan Chase & Co., Wells Fargo & Co., Bank of America Corp.
|
| Amount: | $1 million
|
| Maturity: | April 24, 2025
|
| Contingent coupon: | 21.65% per year, payable quarterly if each stock closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any stock finishes below its final barrier level, in which case full exposure to decline of least performing stock from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly call date
|
| Initial levels: | $41.87 for Wells Fargo, $141.40 for JPMorgan, $30.56 for BofA
|
| Coupon barriers: | $31.40 for Wells Fargo, $106.05 for JPMorgan, $22.92 for BofA; 75% of initial levels
|
| Final barrier levels: | $31.40 for Wells Fargo, $106.05 for JPMorgan, $22.92 for BofA; 75% of initial levels
|
| Pricing date: | April 18
|
| Settlement date: | April 21
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06745M4X3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
