Published on 12/1/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.74 million autocallable reverse convertibles on Netflix
By Wendy Van Sickle
Columbus, Ohio, Dec. 1 – Barclays Bank plc priced $5.74 million of autocallable reverse convertible securities due Dec. 31, 2021 linked to the shares of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 7.8% if the stock closes at or above its 69% barrier level on a related observation date.
The notes will be called at par if the shares close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par unless the shares finish below the 69% final barrier level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Barclays Bank plc is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable reverse convertible notes
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| Underlying stock: | Netflix, Inc.
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| Amount: | $5,739,000
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| Maturity: | Dec. 31, 2021
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| Coupon: | 7.8% annual rate, payable monthly if the stock closes at or above its coupon barrier level on a related observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below barrier price, in which case a number of shares equal to $1,000 divided by the initial share price, or cash at the issuer’s option
|
| Call: | At par if shares close at or above initial share price on any monthly observation date after six months
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| Initial level: | $482.88
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| Coupon barrier price: | $333.19, 69% of initial share price
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| Barrier price: | $333.19, 69% of initial share price
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | Barclays Bank plc
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| Fees: | 2.15%
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| Cusip: | 06741WMB3
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