Published on 2/22/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.69 million callable contingent coupon notes on three stocks
By William Gullotti
Buffalo, N.Y., Feb. 22 – Barclays Bank plc priced $2.69 million of callable contingent coupon notes due Feb. 15, 2024 linked to the worst performing of salesforce.com, inc., Meta Platforms, Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 10.4% if each stock closes at or above its coupon barrier level, 50% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date after six months.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon unless any stock finishes below its 50% final barrier level, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the issuer’s option, the cash value.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | salesforce.com, inc., Walt Disney Co., Meta Platforms, Inc.
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| Amount: | $2,685,000
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| Maturity: | Feb. 15, 2024
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| Contingent coupon: | 10.4% per year, payable quarterly if each stock closes at or above coupon barrier on the observation date for that period
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| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any stock finishes below its final barrier level, in which case receive a number of shares of the worst performer equal to its equity ratio or, at the issuer’s option, the cash equivalent
|
| Call option: | In whole at par plus any coupon due on any quarterly call date after six months
|
| Initial levels: | $149.47 for Disney, $207.90 for salesforce, $219.55 for Meta
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| Coupon barriers: | $74.74 for Disney, $103.95 for salesforce, $109.78 for Meta; 50% of initial levels
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| Final barrier levels: | $74.74 for Disney, $103.95 for salesforce, $109.78 for Meta; 50% of initial levels
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| Equity ratio: | 6.69031 for Disney, 4.81 for salesforce, 4.55477 for Meta; shares delivered per note
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| Strike date: | Feb. 11
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 18
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| Agent: | Barclays
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| Fees: | 1.9%
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| Cusip: | 06741WV72
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