By William Gullotti
Buffalo, N.Y., Sept. 29 – Barclays Bank plc priced $4.16 million of callable contingent coupon notes due Sept. 28, 2023 linked to the stock performance of Intel Corp. and ViacomCBS Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 19% if each stock closes at or above its coupon barrier level, 72% 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.
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 laggard stock finishes below the coupon barrier but at or above the 60% final barrier, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer 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: | ViacomCBS Inc., Intel Corp.
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Amount: | $4.16 million
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Maturity: | Sept. 28, 2023
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Contingent coupon: | 19% 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
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Payout at maturity: | If each stock finishes at or above coupon barrier, par plus final coupon; if laggard stock finishes below coupon barrier but at or above final barrier, par; otherwise, full exposure to decline of laggard stock from initial level
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Call option: | In whole at par plus any coupon due on any quarterly call date
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Initial levels: | $38.66 for ViacomCBS, $52.87 for Intel
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Coupon barriers: | $27.84 for ViacomCBS, $38.07 for Intel; 72% of initial levels
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Final barrier levels: | $23.20 for ViacomCBS, $31.72 for Intel; 60% of initial levels
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Strike date: | Sept. 21
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Pricing date: | Sept. 23
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Settlement date: | Sept. 28
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Agent: | Barclays
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Fees: | 0.4%
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Cusip: | 06748WJQ7
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