By William Gullotti
Buffalo, N.Y., March 9 – Barclays Bank plc priced $3 million of callable contingent coupon notes due March 6, 2025 linked to the class B common stock of Paramount Global and the class C capital stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 31.65% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date.
If the notes are not redeemed early and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the laggard stock finishes below its coupon barrier but at or above its 60% final barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the laggard 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: | Paramount Global, Alphabet Inc.
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| Amount: | $3 million
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| Maturity: | March 6, 2025
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| Contingent coupon: | 31.65% per year, payable quarterly 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 if each stock finishes at or above coupon barrier; if laggard stock finishes below its coupon barrier but not below final barrier level, par; otherwise, full exposure to decline of least performing stock from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly call date
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| Initial levels: | $22.35 for Paramount, $92.31 for Alphabet
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| Coupon barriers: | $15.65 for Paramount, $64.62 for Alphabet; 70% of initial levels
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| Final barrier levels: | $13.41 for Paramount, $55.39 for Alphabet; 60% of initial levels
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| Strike date: | March 2
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| Pricing date: | March 3
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| Settlement date: | March 8
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| Agent: | Barclays
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| Fees: | 0.4%
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| Cusip: | 06749NWG3
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