By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Barclays Bank plc priced $510,000 of callable contingent coupon notes Aug. 21, 2023 linked to the performing of the stock of Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 11.7% if the stock closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period, plus any previously unpaid coupon.
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 70% of its initial level, in which case investors will be fully exposed to the stock’s decline from its initial level.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stock: | Square, Inc.
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| Amount: | $510,000
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| Maturity: | Aug. 21, 2023
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| Contingent coupon: | 11.7% per year, payable quarterly if the stock closes at or above coupon barrier on the valuation date for that period, plus any previously unpaid coupon
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless the stock finishes below its final barrier level, in which case investors will lose 1% for every 1% that the stock finishes below its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
|
| Initial level: | $263.40
|
| Coupon barrier level: | $184.38; 70% of initial level
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| Final barrier level: | $184.38; 70% of initial level
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| Pricing date: | Aug. 17
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| Settlement date: | Aug. 20
|
| Agent: | Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06748WB58
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