Published on 5/6/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.53 million phoenix autocalls on Micron, Oracle, Teledoc
By Kiku Steinfeld
Chicago, May 6 – Barclays Bank plc priced $1.53 million of phoenix autocallable notes due April 20, 2023 linked to least performing of stocks of Micron Technology, Inc., Teladoc Health, Inc. and Oracle Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 21.5% if each stock closes at or above its 70% 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 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 receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Barclays is agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Micron Technology, Inc., Teladoc Health, Inc. and Oracle Corp.
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| Amount: | $1.53 million
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| Maturity: | April 20, 2023
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| Coupon: | 21.5% annualized, 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, in which case, a fixed number of shares of the worst performing underlying equal to its equity ratio or cash value
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| 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: | $90.66 for Micron, $190.10 for Oracle, $78.95 for Teledoc
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| Coupon barriers: | $63.46 for Micron, $133.07 for Oracle, $55.27 for Teledoc; 70% of initial levels
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| Final barriers: | $63.46 for Micron, $133.07 for Oracle, $55.27 for Teledoc; 70% of initial levels
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| Equity ratios: | 11.03022 for Micron, 5.26039 for Oracle, 12.66624 for Teledoc
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| Pricing date: | April 21
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| Settlement date: | April 26
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WTD2
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