Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.14 million phoenix autocallable notes on three stocks
By William Gullotti
Buffalo, N.Y., April 4– Barclays Bank plc priced $2.14 million of phoenix autocallable notes due May 4, 2023 linked to least performing of the common stocks of Bank of America Corp., Beyond Meat Inc. and Netflix, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 20.75% if each stock closes at or above its 70% 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 after six months.
The payout at maturity will be par unless any stock finishes below 70% of its initial value in which case investors will be fully exposed to the loss of the least performing stock, payable as cash or shares at the issuer’s discretion.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Bank of America Corp., Beyond Meat Inc. and Netflix, Inc.
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| Amount: | $2,140,000
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| Maturity: | May 4, 2023
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| Coupon: | 20.75% annualized rate, payable quarterly 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 unless any stock finishes below final barrier level, in which case full exposure to loss of least-performing stock, payable as cash or shares at the issuer’s discretion
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
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| Initial level: | $40.53 for BofA, $131.68 for Beyond Meat, $513.47 for Netflix
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| Coupon barriers: | $28.37 for BofA, $92.18 for Beyond Meat, $359.43 for Netflix; 70% of initial levels
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| Final barriers: | $28.37 for BofA, $92.18 for Beyond Meat, $359.43 for Netflix; 70% of initial levels
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| Physical barrier levels: | 24.67308 for BofA, 7.59417 for Beyond Meat, 1.94753 for Netflix
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| Pricing date: | April 30, 2021
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| Settlement date: | May 5, 2021
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WTS9
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