Published on 4/15/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.43 million phoenix autocallable notes on four stocks
By Kiku Steinfeld
Chicago, April 18 – Barclays Bank plc priced $1.43 million of phoenix autocallable notes due Sept. 30, 2024 linked to the least performing of the common stocks of Twitter, Inc., Airbnb, Inc., DraftKings Inc. and Snap Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 27.5% if each stock 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 each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the coupon, unless any stock finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock, payable in shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Twitter, Inc., Airbnb, Inc., DraftKings Inc. and Snap Inc.
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| Amount: | $1,431,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 27.5% 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 coupon unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock, payable in shares or cash at the issuer’s option
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $62.45 for Twitter, $168.58 for Airbnb, $49.93 for DraftKings, $74.42 for Snap
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| Coupon/final barriers: | $37.47 for Twitter, $101.15 for Airbnb, $29.96 for DraftKings, $44.65 for Snap; 60% of initial levels
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| Equity ratios: | 16.01281 for Twitter, 5.9319 for Airbnb, 20.02804 for DraftKings, 13.43725 for Snap
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06741WE22
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