Published on 12/3/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.72 million 24.45% fixed-coupon autocalls on three stocks
By William Gullotti
Buffalo, N.Y., Dec. 3 – Barclays Bank plc priced $1.72 million of 24.45% autocallable fixed-coupon notes due Nov. 29, 2022 linked to the stock performance of Devon Energy Corp., Zillow Group, Inc. and Trade Desk, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will be automatically called at par if each stock closes at or above its initial level on any quarterly call valuation date after six months.
If the notes have not been called, the payout at maturity will be par unless any stock closes below its 60% knock-in level during the life of the notes and any stock finishes below its initial level, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Devon Energy Corp., Zillow Group, Inc., Trade Desk, Inc.
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| Amount: | $1,719,000
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| Maturity: | Nov. 29, 2022
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| Coupon: | 24.45%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless any stock closes below its knock-in level during the life of the notes and any stock finishes below its initial level, in which case investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent.
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| Call: | At par if each stock closes at or above initial level on any quarterly call valuation date after six months
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| Initial levels: | $43.32 for Devon, $57.09 for Zillow, $105.47 for Trade Desk
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| Knock-in levels: | $25.99 for Devon, $34.25 for Zillow, $63.28 for Trade Desk; 60% of initial level
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| Equity ratio: | 23.084026 for Devon, 17.516202 for Zillow, 9.481369 for Trade Desk; shares delivered per note
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| Strike date: | Nov. 18
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 26
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| Agent: | Barclays
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| Fees: | 1.25%
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| Cusip: | 06741WN30
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