Published on 1/21/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.15 million phoenix autocallable notes on Tesla, Uber, Verizon
By Wendy Van Sickle
Columbus, Ohio, Jan. 21 – Barclays Bank plc priced $1.15 million of phoenix autocallable notes due Jan. 20, 2023 linked to the least performing of the common stocks of Verizon Communications Inc., Uber Technologies, Inc. and Tesla, 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 31.75% if each index 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 index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus any coupon unless any index finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Verizon Communications Inc., Uber Technologies, Inc. and Tesla, Inc.
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| Amount: | $1.15 million
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| Maturity: | Jan. 20, 2023
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| Coupon: | 31.75% annualized, payable quarterly if each index 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 any coupon unless any index finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing index
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial level: | $57.38 for Verizon, $55.52 for Uber and $826.16 for Tesla
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| Coupon barriers: | $34.43 for Verizon, $33.31 for Uber and $495.70 for Tesla; 60% of initial levels
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| Final barriers: | $34.43 for Verizon, $33.31 for Uber and $495.70 for Tesla; 60% of initial levels
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| Pricing date: | Jan. 15
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| Settlement date: | Jan. 21
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WPA2
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