Published on 8/19/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.39 million contingent income autocalls on Tesla, Zoom
By William Gullotti
Buffalo, N.Y., Aug. 19 – Barclays Bank plc priced $3.39 million of autocallable contingent income securities due Aug. 16, 2024 linked to the stocks of Tesla, Inc. and Zoom Video Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 19.5% per year if each stock closes at or above its downside threshold level, 60% of its initial level, on the corresponding observation date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any quarterly observation date.
If each stock finishes at or above its downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the least performing stock declines from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent income securities
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| Underlying stocks: | Tesla, Inc., Zoom Video Communications, Inc.
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| Amount: | $3,394,000
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| Maturity: | Aug. 16, 2024
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| Coupon: | 19.5% per year, payable quarterly if each stock closes at or above downside threshold level on the corresponding observation date
|
| Price: | Par of $10
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus the final coupon; otherwise, 1% loss for every 1% that least performing stock declines from initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial stock levels: | $717.17 for Tesla, $355.24 for Zoom
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| Downside threshold levels: | $430.302 for Tesla, $213.144 for Zoom; 60% of initial levels
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 18
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
|
| Cusip: | 06747X300
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