Published on 2/27/2024 in the Prospect News Convertibles Daily and Prospect News Structured Products Daily.
New Issue: Barclays sells $794.12 million cash-settled equity-linked notes on Microsoft
By Wendy Van Sickle
Columbus, Ohio, Feb. 27 – Barclays Bank plc priced $794.12 million of 1% cash-settled equity-linked notes due Feb. 16, 2029 linked to the common stock of Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be a cash payment per $1,000 principal amount equal to the sum of the daily values on Feb. 7, 2029, Feb. 8, 2029, Feb. 9, 2029, Feb. 12, 2029 and Feb. 13, 2029 plus the interest payment otherwise due.
The daily value is the greater of $200 and the alternative redemption amount on that date.
The alternative redemption amount is $200 multiplied by the quotient of the stock’s volume-weighted average price on that date divided by the threshold value.
The threshold value is 129.5% of initial share price.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Cash-settled equity-linked notes
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| Underlying stock: | Microsoft Corp.
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| Amount: | $794,117,000
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| Maturity: | Feb. 16, 2029
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| Coupon: | 1%, payable semiannually
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| Price: | Par
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| Payout at maturity: | Cash payment per $1,000 principal amount equal to sum of the daily values on Feb. 7, 2029, Feb. 8, 2029, Feb. 9, 2029, Feb. 12, 2029 and Feb. 13, 2029 plus interest payment
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| Daily value: | Greater of $200 and the alternative redemption amount on that date
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| Alternative redemption amount: | $200 multiplied by the quotient of the stock’s volume-weighted average price on that date divided by the threshold value
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| Initial share price: | $408.9238
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| Threshold value: | $529.5563, 129.5% of initial level
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 16
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| Agent: | Barclays
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| Fees: | 0%
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| Cusip: | 06744EDH7
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