Published on 11/15/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million phoenix autocallable notes on Upstart, SoFi
By William Gullotti
Buffalo, N.Y., Nov. 15 – Barclays Bank plc priced $2 million of phoenix autocallable notes due Nov. 15, 2024 linked to least performing of the stocks of Upstart Holdings, Inc. and SoFi Technologies, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 24% if each stock closes at or above its 60% 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 call level, 80% of initial level, on any monthly call observation date after three months.
If the notes are not called and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 50% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Upstart Holdings, Inc., SoFi Technologies, Inc.
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Amount: | $2 million
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Maturity: | Nov. 15, 2024
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Coupon: | 24% 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: | If each stock finishes at or above coupon barrier level, par plus final coupon; if worst performer lags below coupon barrier but finishes at or above barrier level, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from initial level
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Call: | Automatically at par plus coupon if each stock closes at or above call level on any monthly observation date after three months
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Initial levels: | $313.71 for Upstart, $22.14 for SoFi
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Call levels: | $250.97 for Upstart, $17.71 for SoFi; 80% of initial levels
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Coupon barriers: | $188.23 for Upstart, $13.28 for SoFi; 60% of initial levels
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Final barriers: | $156.86 for Upstart, $11.07 for SoFi; 50% of initial levels
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Pricing date: | Nov. 9
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Settlement date: | Nov. 15
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Agent: | Barclays
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Fees: | 3.5%
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Cusip: | 06748WSB0
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