Published on 8/13/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.23 million callable contingent coupon notes on Ford, Tesla, GM
By William Gullotti
Buffalo, N.Y., Aug. 13 – Barclays Bank plc priced $2.23 million of callable contingent coupon notes due Aug. 2, 2024 linked to the worst performing of Ford Motor Co., General Motors Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 24% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon if each stock finishes at or above its respective coupon barrier.
If the worst performing stock declines but finishes at or above its 50% final barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least performing stock from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | Ford Motor Co., Tesla, Inc., General Motors Co.
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| Amount: | $2,226,000
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| Maturity: | Aug. 2, 2024
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| Contingent coupon: | 24% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period
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| Price: | Par
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| Payout at maturity: | If all stocks finish at or above coupon barrier, par plus the final coupon; the worst performer falls below the coupon barrier but finishes at or above the final barrier, par; otherwise, full exposure to decline of least performing stock from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call date after three months
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| Initial levels: | $687.20 for Tesla, $13.95 for Ford, $56.84 for GM
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| Coupon barriers: | $481.04 for Tesla, $9.76 for Ford, $39.79 for GM; 70% of initial levels
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| Final barrier levels: | $343.60 for Tesla, $6.98 for Ford, $28.42 for GM; 50% of initial levels
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748W7E7
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