Published on 5/14/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.58 million contingent income autocalls on stocks
By Wendy Van Sickle
Columbus, Ohio, May 14 – Barclays Bank plc priced $9.58 million of autocallable contingent income securities due May 10, 2024 linked to the stocks of Apple Inc., Amazon.com, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.35% per year if each stock closes at or above its downside threshold level, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial level on any quarterly observation date other than the final one.
If each stock finishes at or above its downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing stock declines from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent income securities
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| Underlying stocks: | Apple Inc., Amazon.com, Inc. and Alphabet Inc.
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| Amount: | $9,578,500
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| Maturity: | May 10, 2024
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| Coupon: | 8.35% per year, payable quarterly if each stock closes at or above downside threshold level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par; otherwise, 1% loss for every 1% that least performing stock declines from initial level
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly observation date other than final one
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| Initial stock levels: | $130.21 for Apple, $3,291.61 for Amazon.com, $2,351.93 for Alphabet
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| Downside threshold levels: | $91.147 for Apple, $2,304.127 for Amazon.com, $1,646.351 for Alphabet; 70% of initial levels
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| Pricing date: | May 7
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| Settlement date: | May 12
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| Agent: | Barclays
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06747R113
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