By Wendy Van Sickle
Columbus, Ohio, Sept. 25 – Barclays Bank plc priced $55.94 million of 0.5% synthetic convertible notes due Sept. 26, 2023 linked to the common stock of D.R. Horton, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be the greater of par and the alternative redemption amount, payable in cash or D.R Horton shares at each holder’s option. The alternative redemption amount per note is (a) $1,000 multiplied by (b) the settlement value divided by the threshold value.
On any day, the settlement value is the adjusted volume-weighted average price of the stock on that day. It will be subject to adjustment if the actual dividends paid on the stock differ from the dividends that are expected to be paid. The expected dividend rate is zero.
The threshold value is 126.9% of the initial share price.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Synthetic convertible notes
|
| Underlying stock: | D.R. Horton, Inc.
|
| Amount: | $52,941,176
|
| Maturity: | Sept. 26, 2023
|
| Dividend: | 0.5%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Greater of par and alternative redemption amount, which is (a) $1,000 multiplied by (b) adjusted volume-weighted average share price divided by threshold value; payable in cash or shares at holder’s option
|
| Initial level: | $42.56
|
| Threshold level: | $54.00864, 126.9% of initial levels
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 27
|
| Agent: | Barclays
|
| Fees: | 0%
|
| Cusip: | 06741J7V5
|
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