Published on 7/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.99 million autocallable contingent coupon barrier notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 28 – Barclays Bank plc priced $3.99 million of autocallable contingent coupon barrier notes due July 23, 2026 linked to the worst performing of the stocks of Ford Motor Co., Tesla, Inc. and U.S. Bancorp, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 20.5% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after one year.
If the notes are not called and each stock finishes at or above its coupon barrier level, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Ford Motor Co., Tesla, Inc. and U.S. Bancorp
|
| Amount: | $3,992,000
|
| Maturity: | July 23, 2026
|
| Contingent coupon: | 20.5% per year, payable monthly if each stock closes at or above coupon barrier related observation date
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above its coupon barrier, par plus the final coupon; if the worst performer finishes below its coupon barrier but at or above its final barrier, par; otherwise, investors will be fully exposed to the laggard stock’s decline from its initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after one year
|
| Initial levels: | $14.03 for Ford, $262.90 for Tesla, $39.14 for U.S. Bancorp
|
| Coupon barriers: | $8.42 for Ford, $157.74 for Tesla, $23.48 for U.S. Bancorp, 60% of initial levels
|
| Final barriers: | $7.02 for Ford, $131.45 for Tesla, $19.57 for U.S. Bancorp, 50% of initial levels
|
| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06745MRE0
|
|
|
© 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.
