Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.83 million callable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Nov. 24 – Barclays Bank plc priced $1.83 million of callable contingent coupon notes due Aug. 16, 2024 linked to the worst performing of Southwest Airlines Co., Wynn Resorts, Ltd. and Carnival Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 26% 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 six 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 coupon barrier.
If the worst performer finishes below the coupon barrier but 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: | Southwest Airlines Co., Wynn Resorts, Ltd. and Carnival Corp.
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| Amount: | $1,834,000
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| Maturity: | Aug. 16, 2024
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| Contingent coupon: | 26% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, lose 1% for every 1% decline of worst performer from initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call date after six months
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| Initial levels: | $95.52 for Wynn, $50.41 for Southwest, $22.86 for Carnival
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| Coupon barriers: | $66.86 for Wynn, $35.29 for Southwest, $16 for Carnival; 70% of initial levels
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| Final barrier levels: | $47.76 for Wynn, $25.20 for Southwest, $11.43 for Carnival; 50% of initial levels
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 18
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748WBZ5
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