Published on 2/2/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million callable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Feb. 2 – Barclays Bank plc priced $1.5 million of callable contingent coupon notes due Jan. 29, 2026 linked to the least performing of the common stocks of Philip Morris International Inc. and Altria Group, Inc. and the American depositary shares of British American Tobacco plc, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 10.35% if each stock closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The notes are callable at par on any coupon payment date after six months.
The payout at maturity will be par unless the final level of the least performing stock is less than its barrier level, in which case investors will lose 1% for each 1% decline of the least performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | Philip Morris International Inc., Altria Group, Inc. and British American Tobacco plc
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| Amount: | $1.5 million
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| Maturity: | Jan. 29, 2026
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| Contingent coupon: | 10.35% per year, payable quarterly if each stock closes at or above barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless final level of least performing stock is less than barrier level, in which case 1% loss for each 1% decline of least performing stock
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| Call option: | At par on any coupon payment date after six months
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| Initial stock levels: | $81.99 for Philip Morris, $42.23 for Altria and $38.00 for British American
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| Barrier levels: | $49.19 for Philip Morris, $25.34 for Altria and $22.80 for British American; 60% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06747QY68
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