Published on 12/17/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.47 million phoenix autocallable notes on Moderna, Tesla
By Kiku Steinfeld
Chicago, Dec. 17 – Barclays Bank plc priced $5.47 million of phoenix autocallable notes due Dec. 14, 2022 linked to the common stocks of Moderna, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 33.25% if each stock closes at or above its 50% coupon barrier on a related observation date.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless either stock finishes below its final barrier, 50% of its initial value, in which case investors will receive the physical delivery amount, a fixed number of shares of the least performing stock equal to $1,000 divided by the initial share price, or, at the issuer’s option, the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Moderna, Inc. and Tesla, Inc.
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| Amount: | $5,473,000
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| Maturity: | Dec. 14, 2022
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| Coupon: | 33.25% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below final barrier, in which case a fixed number of shares of least performing stock equal to $1,000 divided by the initial price or, at issuer’s option, cash value
|
| Call: | At par if each stocks close at or above initial share price on any quarterly call observation date
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| Initial share prices: | $156.59 for Moderna, $604.48 for Tesla
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| Coupon barriers: | $78.30 for Moderna, $302.24 for Tesla, or 50% of initial share prices
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| Final barriers: | $78.30 for Moderna, $302.24 for Tesla, or 50% of initial share prices
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| Physical delivery amounts: | 6 shares for Moderna, 1 share for Tesla
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 14
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06741WMH0
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