Published on 5/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.03 million phoenix autocallable notes on Tesla, NIO
By Kiku Steinfeld
Chicago, June 1 – Barclays Bank plc priced $2.03 million of phoenix autocallable notes due May 10, 2024 linked to least performing of stocks of Tesla, Inc. and NIO Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.75% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above 80% of its initial level on any monthly call observation date after three months.
The payout at maturity will be par unless any stock finishes below 50% of its initial value in which case investors will be fully exposed to the loss of the laggard stock.
Barclays is agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Tesla, Inc. and NIO Inc.
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| Amount: | $2,028,000
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| Maturity: | May 10, 2024
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| Coupon: | 17.75% annualized, payable monthly 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 full exposure to loss of laggard stock
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| Call: | At par plus contingent coupon if each stock closes at or above 80% of initial level on any monthly call observation date after three months
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| Initial level: | $672.37 for Tesla, $36.94 for NIO
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| Coupon barriers: | $403.42 for Tesla, $22.16 for NIO; 60% of initial levels
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| Final barriers: | $336.18 for Tesla, $18.47 for NIO; 50% of initial levels
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| Pricing date: | May 7
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| Settlement date: | May 12
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06748EPS6
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