Published on 4/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.22 million phoenix autocallable notes on S&P 500
By Kiku Steinfeld
Chicago, April 30 – Barclays Bank plc priced $2.7 million of phoenix autocallable notes due Jan. 11, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 2.5% if the index closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any monthly call observation date starting October 2022.
The payout at maturity will be par plus any coupon unless the index finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the index.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying index: | S&P 500 index
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Amount: | $2,217,000
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Maturity: | Jan. 11, 2024
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Coupon: | 2.5% annualized, payable monthly if the index 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 any coupon unless the index finishes below final barrier, in which case 1% loss for each 1% decline of the index
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Call: | At par plus contingent coupon if the index closes at or above initial level on any monthly call observation date starting October 2022
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Initial level: | 4,170.42
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Coupon barrier: | 2,502.25; 60% of initial level
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Final barrier: | 2,502.25; 60% of initial level
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Pricing date: | April 15
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Settlement date: | April 20
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Agent: | Barclays
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Fees: | 3.35%
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Cusip: | 06748EGH0
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