Published on 5/30/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.11 million phoenix autocallable notes on ViacomCBS
By Kiku Steinfeld
Chicago, June 1 – Barclays Bank plc priced $4.11 million of phoenix autocallable notes due June 10, 2022 linked to the common stock of ViacomCBS 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 11.55% if the stock closes at or above its 63% 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 monthly call observation date after six months.
The payout at maturity will be par unless the stock finishes below 63% of its initial value, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | ViacomCBS Inc.
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Amount: | $4,105,000
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Maturity: | June 10, 2022
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Coupon: | 11.55% 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 unless stock finishes below final barrier, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price – 25.38715 shares – or cash equivalent
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Call: | At par plus contingent coupon if stock closes at or above initial share price on any monthly call observation date after six months
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Initial share price: | $39.39
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Coupon barrier level: | $24.82, 63% of initial level
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Final barrier level: | $24.82, 63% of initial level
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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: | 2.15%
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Cusip: | 06741WTW0
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