Published on 1/25/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.63 million phoenix autocallable notes linked to four tech stocks
By William Gullotti
Buffalo, N.Y., Jan. 25 – Barclays Bank plc priced $1.63 million of phoenix autocallable notes due Jan. 9, 2025 linked to least performing of stocks of Apple Inc., Microsoft Corp., Alphabet Inc. and Amazon.com, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% 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 quarterly 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 receive a number of shares of the worst performer equal to $5,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com, Inc.
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| Amount: | $1.63 million
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| Maturity: | Jan. 9, 2025
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| Coupon: | 9% annualized, payable quarterly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par of $5,000
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| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $174.92 for Apple, $316.38 for Microsoft, $2,753.07 for Alphabet, $3,287.14 for Amazon
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| Coupon barriers: | $104.95 for Apple, $189.83 for Microsoft, $1,651.84 for Alphabet, $1,972.28 for Amazon; 60% of initial levels
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| Final barriers: | $104.95 for Apple, $189.83 for Microsoft, $1,651.84 for Alphabet, $1,972.28 for Amazon; 60% of initial levels
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| Equity ratio: | 28.5845 for Apple, 15.80378 for Microsoft, 1.81615 for Alphabet, 1.52108 for Amazon; shares per note
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| Strike date: | Jan. 5
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 12
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| Agent: | Barclays
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| Fees: | 1.35%
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| Cusip: | 06741WR85
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