Published on 1/13/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.1 million phoenix autocallable notes on Tesla, Moderna
By Wendy Van Sickle
Columbus Ohio, Jan. 13 – Barclays Bank plc priced $1.1 million of phoenix autocallable notes due Dec. 29, 2023 linked to the least performing of 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 30% if each stock closes at or above its 50% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus any coupon, unless any stock finishes below 50% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock.
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: | $1,095,000
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Maturity: | Dec. 29, 2023
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Coupon: | 30% 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 plus any coupon unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date
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Initial level: | $111.40 for Moderna, $663.69 for Tesla
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Coupon barriers: | $55.70 for Moderna, $331.85 for Tesla; 50% of initial levels
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Final barriers: | $55.70 for Moderna, $331.85 for Tesla; 50% of initial levels
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Pricing date: | Dec. 28
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Settlement date: | Dec. 31
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06741WNB2
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