Published on 8/6/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.71 million autocallable contingent coupon notes on GM, Ford, NIO
By William Gullotti
Buffalo, N.Y., Aug. 6 – Barclays Bank plc priced $1.71 million of autocallable contingent coupon notes due June 7, 2024 linked to the worst performing of the stocks of NIO Inc., General Motors Co. and Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 16% if each stock closes at or above its coupon barrier level, 50% of its initial level, on the related observation date, in which case any previously unpaid coupons will also be paid.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the laggard stock’s decline from its initial level.
Barclays is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying stocks: | General Motors Co., Ford Motor Co., NIO Inc.
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Amount: | $1,706,000
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Maturity: | June 7, 2024
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Contingent coupon: | 16% per year, payable monthly plus any previously unpaid coupons if each stock closes at or above coupon barrier related observation date
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Price: | Par
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Payout at maturity: | If each stock finishes at or above its final barrier price, par plus the final coupon; otherwise, investors will be exposed to the laggard stock’s decline from its initial level
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly call observation date after six months
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Initial levels: | $63.37 for GM, $15.97 for Ford, $41.94 for NIO
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Coupon barriers: | $31.69 for GM, $7.99 for Ford, $20.97 for NIO; 50% of initial levels
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Final barriers: | $31.69 for GM, $7.99 for Ford, $20.97 for NIO; 50% of initial levels
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Pricing date: | June 4
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Settlement date: | June 9
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Agent: | Barclays
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Fees: | 1.95%
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Cusip: | 06748EVV2
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