Published on 3/31/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $300,000 callable contingent coupon notes on General Motors
By Taylor Fox
New York, March 31 – Barclays Bank plc priced $300,000 of callable contingent coupon notes due March 23, 2023 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 15% each quarter if the closing price of the stock closes at or above its barrier level, 67.75% of its initial share price, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly observation date.
If the notes are not called, the payout will be par plus unless the stock finishes below its barrier level, in which case investors will be exposed to the decline of the stock, payable in stock or cash at the issuer’s option.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stock: | General Motors Co.
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Amount: | $300,000
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Maturity: | March 23, 2023
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Coupon: | 15% per year, payable quarterly if stock closes at or above its coupon barrier level, 67.75% of its initial share price, on the observation date for that period
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Price: | Par
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Payout at maturity: | Par unless final share price is less than barrier level, in which case exposure to stock’s decline, payable in shares or cash at issuer’s option
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial share price: | $59.82
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Barrier level: | $40.53, 67.75% of initial price
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Pricing date: | March 19
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Settlement date: | March 24
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06741WSG6
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