Published on 5/26/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.14 million phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 26 – Barclays Bank plc priced $2.14 million of phoenix autocallable notes due May 4, 2023 linked to least performing of stocks of Bank of America Corp., Beyond Meat Inc. and Netflix, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 20.75% if each stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par unless any stock finishes below 70% of its initial value in which case investors will receive a number of shares of least performing stock equal to $1,000 divided by initial share price or, at issuer’s option, cash equivalent.
Barclays is agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Bank of America Corp., Beyond Meat Inc. and Netflix, Inc.
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Amount: | $2.14 million
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Maturity: | May 4, 2023
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Coupon: | 20.75% 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 plus unless any stock finishes below final barrier, in which case investors will receive a number of shares of least performing stock equal to $1,000 divided by initial price or, at issuer’s option, cash equivalent
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
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Initial level: | $40.53 for Bank of America, $131.68 for Beyond Meat and $513.47 for Netflix
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Coupon barriers: | $28.37 for Bank of America, $92.18 for Beyond Meat and $359.43 for Netflix; 70% of initial levels
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Final barriers: | $28.37 for Bank of America, $92.18 for Beyond Meat and $359.43 for Netflix; 70% of initial levels
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Pricing date: | April 30
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Settlement date: | May 5
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06741WTS9
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