Published on 1/22/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.63 million phoenix autocallable notes on Delta Air Lines
By Wendy Van Sickle
Columbus, Ohio, Jan. 22 – Barclays Bank plc priced $3.63 million of phoenix autocallable notes due Feb. 18, 2022 linked to the common stock of Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11.5% if the stock closes at or above its 64% coupon barrier on a related observation date.
After six months, the notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any monthly call observation date other than the final one.
The payout at maturity will be par plus the coupon unless the stock finishes below 64% of its initial value, in which case investors will be fully exposed to the stock’s decline.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Delta Air Lines, Inc.
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Amount: | $3,626,000
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Maturity: | Feb. 18, 2022
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Coupon: | 11.5% annualized, payable monthly if 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 stock finishes below final barrier level, in which case full exposure to stock’s decline
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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 levels: | $39.98
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Coupon barrier: | $25.59, 64% of initial level
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Barrier level: | $25.59; 64% of initial level
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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: | 2.15%
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Cusip: | 06741WNQ9
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