Published on 2/23/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.6 million callable contingent coupon notes on Tesla, Ford, GM
By Wendy Van Sickle
Columbus, Ohio, Feb. 23 – Barclays Bank plc priced $1.6 million of callable contingent coupon notes due Feb. 21, 2025 linked to the worst performing of General Motors Co., Tesla, Inc. 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 35.5% 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 any, unless any stock finishes below its 50% final barrier level, in which case investors will be fully exposed to the loss of the least performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | General Motors Co., Ford Motor Co., Tesla, Inc.
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| Amount: | $1,595,000
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| Maturity: | Feb. 21, 2025
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| Contingent coupon: | 35.5% 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: | Par plus final coupon, if any, unless any stock finishes below its final barrier level, in which case full exposure to loss of least performing stock
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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: | $17.54 for Ford, $48.82 for General Motors, $876.35 for Tesla
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| Coupon barriers: | $12.28 for Ford, $34.17 for General Motors, $613.44 for Tesla; 70% of initial levels
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| Final barrier levels: | $8.77 for Ford, $24.41 for General Motors, $438.18 for Tesla; 50% of initial levels
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748XFG1
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