Published on 10/14/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.31 million contingent coupon autocalls tied to Zendesk
By Kiku Steinfeld
Chicago, Oct. 14 – Barclays Bank plc priced $1.31 million of autocallable contingent coupon notes due Nov. 4, 2021 linked to Zendesk, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 11.5% if the stock closes at or above its 67% coupon barrier on the observation date for that month.
Beginning six months after issuance, the notes will be called at par if the stock closes at or above its initial level on any monthly call valuation date other than the final valuation date.
If the notes are not called, the payout at maturity will be par unless the stock finishes below its 67% knock-in level, in which case investors will receive 9.71628 Zendesk shares.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying asset: | Zendesk, Inc.
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Amount: | $1,305,000
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Maturity: | Nov. 4, 2021
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Coupon: | 11.5% annualized, payable monthly if stock closes at or above its coupon barrier on observation date for that month
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Price: | Par
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Call: | At par if stock closes at or above its initial level on any monthly call valuation date other than final date after six months
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Payout at maturity: | Par unless the stock finishes below its 67% barrier level, in which case 9.71628 Zendesk shares
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Initial level: | $102.92
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Coupon barrier level: | $68.96, 67% of initial level
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Barrier level: | $68.96, 67% of initial level
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Pricing date: | Sept. 30
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Settlement date: | Oct. 5
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Agent: | Barclays
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Fees: | 2.15%
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Cusip: | 06741WKX7
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