Published on 5/26/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 buffered autocallable fixed-coupon notes tied to airline stocks
Chicago, May 26 – Barclays Bank plc priced $500,000 of 6.65% buffered autocallable fixed-coupon notes due Feb. 9, 2023 linked to the least performing of the stocks of Delta Air Lines, Inc., United Airlines Holdings, Inc. and American Airlines Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid quarterly.
The notes will be called at par plus the coupon if the laggard stock closes above its initial level on any quarterly call valuation date.
At maturity, investors will receive par if the laggard stock finishes above 75% of its initial level.
If the laggard stock finishes below 75% of its initial level, investors will lose 1.3333% for each 1% decline of the laggard stock beyond the 25% buffer payable in either shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable notes
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| Underlying stocks: | Delta Air Lines, Inc., United Airlines Holdings, Inc. and American Airlines Group Inc.
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| Amount: | $500,000
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| Maturity: | Feb. 9, 2023
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| Coupon: | 6.65% annual rate, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par if laggard stock finishes above buffer level; otherwise, 1.3333% loss for each 1% decline beyond buffer, payable either in shares or cash at issuer’s option
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| Call: | Automatically at par plus coupon if laggard stock closes above initial level on any quarterly call valuation date
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| Initial levels: | $40.99 for Delta, $49.14 for United, $20.63 for American
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| Buffer levels: | $30.74 for Delta, $36.86 for United, $15.47 for American; 75% of initial levels
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| Pricing date: | Nov. 4, 2021
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| Settlement date: | Nov. 9, 2021
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| Agent: | Barclays
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| Fees: | 1.9%
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| Cusip: | 06741WL24
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