Published on 10/8/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.5 million phoenix autocallable notes on Ford, Tesla, GM
By William Gullotti
Buffalo, N.Y., Oct. 8 – Barclays Bank plc priced $2.5 million of phoenix autocallable notes due March 28, 2024 linked to least performing of stocks of Ford Motor Co., Tesla, Inc. and General Motors Co., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon.
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: | Phoenix autocallable notes
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| Underlying stocks: | Ford Motor Co., Tesla, Inc., General Motors Co.
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| Amount: | $2,497,000
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| Maturity: | March 28, 2024
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| Coupon: | 15% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date
|
| Initial level: | $14.31 for Ford, $777.56 for Tesla, $52.85 for GM
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| Coupon barriers: | $8.59 for Ford, $466.54 for Tesla, $31.71 for GM; 60% of initial levels
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| Final barriers: | $8.59 for Ford, $466.54 for Tesla, $31.71 for GM; 60% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agent: | Barclays
|
| Fees: | 4%
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| Cusip: | 06748WJ53
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