Published on 5/27/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $150,000 phoenix autocallable notes on Overstock
By Kiku Steinfeld
Chicago, May 27 – Barclays Bank plc priced $150,000 of phoenix autocallable notes due Nov. 1, 2024 linked to the stock performance of Overstock.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 22.75% if the 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 the stock closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the stock finishes at or above its final barrier price, 70% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Overstock.com, Inc.
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Amount: | $150,000
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Maturity: | Nov. 1, 2024
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Coupon: | 22.75% annualized, payable quarterly if 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 unless underlying stock finishes below final barrier, in which case full exposure to decline from initial level
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Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any quarterly call observation date
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Initial level: | $95.23
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Coupon barrier: | $66.66; 70% of initial level
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Final barrier: | $66.66; 70% of initial level
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Pricing date: | Oct. 29, 2021
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Settlement date: | Nov. 3, 2021
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06748WPD9
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