Published on 7/21/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.26 million 9.5% autocallable fixed-coupon notes on tech stocks
By Kiku Steinfeld
Chicago, July 21 – Barclays Bank plc priced $8.26 million of autocallable fixed-coupon notes due July 20, 2023 linked to the common stocks of Apple Inc., Amazon.com, Inc., Netflix, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 9.5% per year and will be payable monthly.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call valuation date after six months.
If the notes are not called, the payout at maturity will be par unless any stock finishes below its barrier level, 60% of its initial level, in which case investors will lose 1% for each 1% decline of the lesser performing stock from its initial level.
Barclay is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Netflix, Inc. and Alphabet Inc.
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| Amount: | $8,255,000
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| Maturity: | July 20, 2023
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| Coupon: | 9.5%, payable monthly
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| Price: | Par
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| Call: | At par if each index closes at or above initial level on any quarterly call valuation date after six months
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| Payout at maturity: | Par unless any stock finishes below its barrier level, in which case investors will lose 1% for each 1% decline of the lesser performing stock from its initial level
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| Initial levels: | $385.31 for Apple, $2,961.97 Amazon.com, $1,515.55 for Alphabet, $385.31 for Netflix
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| Barrier levels: | $231.19 for Apple, $1,777.18 for Amazon.com, $909.33 for Alphabet, $295.79 for Netflix; 60% of initial levels
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| Pricing date: | July 17
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| Settlement date: | July 22
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| Agent: | Barclays
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| Fees: | 3.3%
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| Cusip: | 06747Q7E1
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