Published on 11/10/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.07 million callable contingent coupon notes on four stocks
By William Gullotti
Buffalo, N.Y., Nov. 10 – Barclays Bank plc priced $2.07 million of callable contingent coupon notes due May 9, 2024 linked to the worst performing of Amazon.com, Inc., Meta Platforms, Inc., Netflix, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 20% if each stock closes at or above its coupon barrier level, 75% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon unless any stock finishes below its 75% final barrier level, in which case investors will be fully exposed to the decline of the least performing stock from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stocks: | Meta Platforms, Inc., Amazon.com, Inc., Alphabet Inc., Netflix, Inc.
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Amount: | $2,071,000
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Maturity: | May 9, 2024
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Contingent coupon: | 20% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any stock finishes below its final barrier level, in which case full exposure to decline of least performing stock from its initial level
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Call option: | In whole at par plus any coupon due on any monthly call date after three months
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Initial levels: | $2,984.82 for Alphabet, $341.13 for Meta, $3,518.99 for Amazon, $645.72 for Netflix
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Coupon barriers: | $2,238.62 for Alphabet, $255.85 for Meta, $2,639.24 for Amazon, $484.29 for Netflix; 75% of initial levels
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Final barrier levels: | $2,238.62 for Alphabet, $255.85 for Meta, $2,639.24 for Amazon, $484.29 for Netflix; 75% of initial levels
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Pricing date: | Nov. 5
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Settlement date: | Nov. 10
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06748WRR6
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