Published on 12/24/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.02 million phoenix autocallable notes on Norwegian, Carnival
By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Barclays Bank plc priced $1.02 million of phoenix autocallable notes due Dec. 22, 2022 linked to the common stocks of Norwegian Cruise Line Holdings Ltd. and Carnival Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 41% if each stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless either stock finishes below its final barrier, 70% of its initial value, in which case investors will receive the physical delivery amount, a fixed number of shares of the least performing stock equal to $1,000 divided by the initial share price, or, at the issuer’s option, the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Norwegian Cruise Line Holdings Ltd. and Carnival Corp.
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| Amount: | $1,015,000
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| Maturity: | Dec. 22, 2022
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| Coupon: | 41% 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 unless either stock finishes below final barrier, in which case a fixed number of shares of least performing stock equal to $1,000 divided by the initial price or, at issuer’s option, cash value
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| Call: | At par if each stock closes at or above initial share price on any quarterly call observation date
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| Initial share prices: | $25.41 for Norwegian, $21.63 for Carnival
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| Coupon barriers: | $17.79 for Norwegian , $15.14 for Carnival, or 70% of initial share prices
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| Final barriers: | $17.79 for Norwegian , $15.14 for Carnival, or 70% of initial share prices
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| Physical delivery amount: | 39 shares for Norwegian , 46 shares for Carnival
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| Pricing date: | Dec. 17
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| Settlement date: | Dec. 22
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06741WMU1
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