Published on 4/22/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $8.83 million phoenix autocallable notes on United Airlines Holdings
By Wendy Van Sickle
Columbus, Ohio, April 22 – Barclays Bank plc priced $8.83 million of phoenix autocallable notes due April 21, 2022 linked to the common stock of United Airlines Holdings, 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 13.75% if the stock closes at or above its 65% coupon barrier on the related observation date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial share price on any quarterly call observation date after six months.
The payout at maturity will be par unless the stock finishes below 65% of its initial value, in which case investors will be fully exposed to the decline, payable in cash or in 17.89869 shares of the stock with the fractional share amount paid in cash.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying stock: | United Airlines Holdings, Inc.
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| Amount: | $8,827,000
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| Maturity: | April 21, 2022
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| Coupon: | 13.75% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless stock finishes below final barrier, in which case full exposure to decline, payable in cash or in 17.89869 shares of the stock with the fractional share amount paid in cash
|
| Call: | At par plus contingent coupon if stock closes at or above initial share price on any quarterly call observation date after six months
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| Initial share price: | $55.87
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| Coupon barrier level: | $36.32, 65% of initial level
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| Final barrier level: | $36.32, 65% of initial level
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| Pricing date: | April 16
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| Settlement date: | April 21
|
| Agent: | Barclays
|
| Fees: | 1.25%
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| Cusip: | 06741WTE0
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