By William Gullotti
Buffalo, N.Y., July 30 – Barclays Bank plc priced $1.32 million of callable contingent coupon notes June 7, 2023 linked to the performing of the stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 13.6% if the stock closes at or above its coupon barrier level, 50% 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 50% of its initial level, in which case investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Tesla, Inc.
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| Amount: | $1,318,000
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| Maturity: | June 7, 2023
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| Contingent coupon: | 13.6% per year, payable quarterly if the stock closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless the stock finishes below its final barrier level, in which case investors will receive 1.65257 shares per note and fractional shares as cash
|
| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
|
| Initial levels: | $605.12
|
| Coupon barrier levels: | $302.56; 50% of initial levels
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| Final barrier levels: | $302.56; 50% of initial levels
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| Pricing date: | June 2
|
| Settlement date: | June 7
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741WVM9
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