Published on 1/6/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4 million contingent income callable securities on stocks
By Kiku Steinfeld
Chicago, Jan. 6 – Barclays Bank plc priced $4 million of contingent income callable securities due Nov. 15, 2024 linked to the worst performing of Apple Inc., Amazon.com, Inc. and Alphabet Inc., according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 11.75% if each stock closes at or above its downside threshold level, 70% of its initial level, on the determination date for that quarter.
The notes will be callable at par of $10 on any quarterly payment date other than the final one.
If each stock finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon. If the final level of any stock is less than its downside threshold level, investors will be fully exposed to the decline of the least-performing stock.
Barclays is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income callable securities
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| Underlying stocks: | Apple Inc., Amazon.com and Alphabet Inc.
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| Amount: | $4 million
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| Maturity: | Nov. 15, 2024
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| Coupon: | 11.75% per year, payable quarterly if each stock closes at or above its downside threshold level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus contingent coupon; otherwise, full exposure to any losses of worst performing stock
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| Call option: | At par on any quarterly payment date other than the final one
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| Initial levels: | $149.99 for Apple, $3,525.15 for Amazon and $2,973.56 for Alphabet
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| Downside threshold levels: | $104.993 for Apple, $2,467.605 for Amazon and $2,081.492 for Alphabet; 70% of initial levels
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| Pricing date: | Nov. 12
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| Settlement date: | Nov. 17
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| Agent: | Barclays
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| Distributor: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06747Y399
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