Published on 10/15/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $750,000 callable contingent coupon notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 15 – Barclays Bank plc priced $750,000 of callable contingent coupon notes due Oct. 16, 2024 linked to the worst performing of the common shares of Chevron Corp., Phillips 66 and ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the annual rate of 16% if each stock closes at or above its coupon barrier, 70% of its initial price on the observation date for that period.
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, the payout at maturity will be par plus any coupon due if each stock’s final value is greater than or equal to the 65% final barrier level. Otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level, payable in cash or shares of that stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | Chevron Corp., Phillips 66 and ConocoPhillips
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| Amount: | $750,000
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| Maturity: | Oct. 16, 2024
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| Contingent coupon: | 16% per year, payable monthly if each stock closes at or above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par plus any final coupon due if each stock finishes at or above final barrier level; otherwise, full exposure to decline of least performing stock from its initial level payable in cash or shares of that stock
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| Call option: | In whole at par plus any coupon due on any quarterly call date
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| Initial levels: | $107.13 for Chevron, $82.04 for Phillips 66 and $73.97 for ConocoPhillips
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| Coupon barriers: | $74.99 for Chevron, $57.43 for Phillips 66 and $51.78 for ConocoPhillips; 70% of initial levels
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| Final barrier levels: | $69.63 for Chevron, $53.33 for Phillips 66 and $48.08 for ConocoPhillips; 65% of initial levels
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| Pricing date: | Oct. 12
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| Settlement date: | Oct. 14
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06741WJ35
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