Published on 9/9/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $120,000 contingent coupon autocallables on Cigna, Microsoft, Schwab
By Wendy Van Sickle
Columbus Ohio, Sept. 9 – Barclays Bank plc priced $120,000 of autocallable contingent coupon notes due Sept. 6, 2023 linked to the common stocks of Cigna Corp., Microsoft Corp. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of 10% per annum if each stock closes at or above its 55% coupon barrier level on the determination date for that month.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call determination date after six months other than the final one.
If the notes are not called, the payout at maturity will be par plus the coupon unless any stock finishes below its 55% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Cigna Corp., Microsoft Corp. and Charles Schwab Corp.
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| Amount: | $120,000
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| Maturity: | Sept. 6, 2023
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| Contingent coupon: | Contingent monthly coupon of 10% if each component closes at or above coupon barrier level on the determination date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of worst-performing stock
|
| Call option: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly call determination date after six months other than final one
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| Initial stock levels: | $177.37 for Cigna, $225.53 for Microsoft, $35.53 for Schwab
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| Coupon barrier levels: | $97.55 for Cigna, $124.04 for Microsoft, $19.54 for Schwab; 55% of initial levels
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| Final barrier levels: | $97.55 for Cigna, $124.04 for Microsoft, $19.54 for Schwab; 55% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06747QEM5
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