Published on 8/9/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $903,000 callable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Aug. 9 – Barclays Bank plc priced $903,000 of callable contingent coupon notes due Jan. 17, 2023 linked to the least performing of the stocks of Alcoa Corp., Exxon Mobil Corp. and Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a coupon at an annualized rate of 19.1% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
The notes are callable at par on any monthly call valuation date after three months.
The payout at maturity will be par unless the final level of the least performing stock is less than its 60% barrier level, in which case investors will lose 1% for each 1% 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: | Alcoa Corp., Exxon Mobil Corp. and Chevron Corp.
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| Amount: | $903,000
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| Maturity: | Jan. 17, 2023
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| Contingent coupon: | 19.1% per year, payable monthly if each stock closes at or above barrier level on observation date for that period
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| Price: | Par
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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 monthly call valuation date after three months
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| Initial stock levels: | $62.20 for Alcoa, $71.35 for Exxon, $127.97 for Chevron
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| Coupon barrier levels: | $37.32 for Alcoa, $42.81 for Exxon, $127.97 for Chevron; 60% of initial levels
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| Barrier levels: | $37.32 for Alcoa, $42.81 for Exxon, $127.97 for Chevron; 60% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | Barclays
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| Fees: | 0.2%
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| Cusip: | 06748X5M9
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