Published on 9/14/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.67 million callable contingent coupon notes on car stocks
By Kiku Steinfeld
Chicago, Sept. 14 – Barclays Bank plc priced $2.67 million of callable contingent coupon notes Feb. 3, 2025 linked to the performing of the stocks 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 34% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly call valuation date after three months.
If the notes are not called, the payout at maturity will be par unless any stock finishes below 50% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stock: | Ford Motor Co., General Motors Co. and Tesla, Inc.
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| Amount: | $2,668,000
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| Maturity: | Feb. 3, 2025
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| Contingent coupon: | 34% per year, payable monthly if each stock closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par if each stock finishes at or above final barrier; otherwise, loss of 1% for every 1% decline of least performer from initial level
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| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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| Initial levels: | $19.54 for Ford, $50.24 for GM, $846.35 for Tesla
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| Coupon barriers: | $13.68 for Ford, $35.17 for GM, $592.44 for Tesla; 70% of initial levels
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| Final barriers: | $9.77 for Ford, $25.12 for GM, $423.18 for Tesla; 50% of initial levels
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| Pricing date: | Jan. 28, 2022
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| Settlement date: | Feb. 1, 2022
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748X6R7
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