Published on 11/22/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $567,000 notes linked to Pfizer, Boston Scientific, Intellia
By William Gullotti
Buffalo, N.Y., Nov. 22 – Barclays Bank plc priced $567,000 of 0% notes due Aug. 14, 2025 linked to the worst performing of the stocks of Pfizer Inc., Boston Scientific Corp. and Intellia Therapeutics, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called in whole at par plus 42% if each stock closes at or above its initial level on Aug. 11, 2022.
If each stock finishes at or above its initial level, the payout at maturity will be par plus double the return of the least performing stock.
If the worst performer declines but finishes at or above its final barrier, 50% of its initial share price, the payout at maturity will be par plus 0.5 times the absolute value of the return of that stock. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Notes
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| Underlying stocks: | Pfizer Inc., Boston Scientific Corp., Intellia Therapeutics, Inc.
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| Amount: | $567,000
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| Maturity: | Aug. 14, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above initial level, par plus two times the return of the least performing stock; if the worst performer declines but finishes at or above its final barrier, par 0.5 times the absolute return of that stock; otherwise, investors will receive a number of shares equal to the worst performer’s equity ratio or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par plus 42% if each stock closes at or above its initial level on Aug. 11, 2022
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| Initial share prices: | $46.31 for Pfizer, $43.63 for Boston Scientific, $159.70 for Intellia
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| Final barriers: | $23.16 for Pfizer, $21.82 for Boston Scientific, $79.85 for Intellia; 50% of initial share prices
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| Equity ratios: | 21.5936 for Pfizer, 22.92 for Boston Scientific, 6.2617 for Intellia; shares delivered per note
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 16
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| Underwriter: | Barclays
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| Fees: | 1%
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| Cusip: | 06741W3K4
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