Published on 4/15/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.49 million of phoenix autocallable notes on index, ETFs
By Kiku Steinfeld
Chicago, April 15 – Barclays Bank plc priced $1.49 million of phoenix autocallable notes due March 30, 2026 linked to the least-performing of the Euro Stoxx Banks index, the SPDR S&P Regional Banking exchange-traded fund and the Energy Select Sector SPDR fund according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 10.55% if each asset closes at or above the coupon barrier level – 65% of the initial price – on the quarterly observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above the initial price on any observation date after six months.
The payout at maturity will be par plus the contingent coupon, if any, unless the least-performing asset finishes below its 55% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Euro Stoxx Banks index, SPDR S&P Regional Banking ETF and Energy Select Sector SPDR fund
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| Amount: | $1,491,000
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| Maturity: | March 30, 2026
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| Coupon: | 10.55%, payable quarterly if each fund closes at or above coupon barrier level on quarterly observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon, if any, unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above initial price on any quarterly observation date after six months
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| Initial levels: | $49.21 for Energy, 87.04 for Stoxx Banks, $66.22 for Regional Banking
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| Coupon barrier levels: | $31.99 for Energy, 56.58 for Stoxx Banks, $43.04 for Regional Banking; 65% of initial levels
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| Barrier levels: | $27.07 for Energy, 47.87 for Stoxx Banks, $36.42 for Regional Banking; 55% of initial levels
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| Pricing date: | March 25
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| Settlement date: | March 30
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| Agents: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06748EFT5
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