Published on 1/4/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $800,000 phoenix autocallable notes on Boeing
By Kiku Steinfeld
Chicago, Jan. 4 – Barclays Bank plc priced $800,000 of phoenix autocallable notes due Jan. 4, 2022 linked to the common stock of Boeing Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13% if the stock closes at or above its 65% coupon barrier on a related observation date.
The notes will be called at par of $10,000 plus the contingent coupon if the stock closes at or above its initial level on any monthly call observation date after six months, other than the final one.
The payout at maturity will be par plus the coupon unless the stock finishes below 65% of its initial value, in which case investors will be fully exposed to the stock’s decline, 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 stock: | Boeing Co.
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| Amount: | $800,000
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| Maturity: | Jan. 4, 2022
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| Coupon: | 13% annualized, payable monthly if stock closes at or above coupon barrier on related observation date
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| Price: | Par of $10,000
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| Payout at maturity: | Par plus coupon unless stock finishes below final barrier level, in which case full exposure to stock’s decline, payable in 46 Boeing shares or cash
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| Call: | At par plus contingent coupon if stock closes at or above its initial level on any monthly call observation date after six months
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| Initial level: | $216.25
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| Coupon barrier: | $140.56, 65% of initial level
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| Final barrier: | $140.56, 65% of initial level
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| Pricing date: | Dec. 29
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| Settlement date: | Jan. 5
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06741WNC0
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