Published on 7/2/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.09 million phoenix autocallable notes on three stocks
By Kiku Steinfeld
Chicago, July 2 – Barclays Bank plc priced $2.09 million of phoenix autocallable notes due June 29, 2023 linked to the least performing of the stocks of Shopify Inc., Zoom Video Communications, Inc. and Zscaler, 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 16% if each stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the 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 the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Shopify Inc., Zoom Video Communications, Inc. and Zscaler, Inc.
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| Amount: | $2,085,000
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| Maturity: | June 29, 2023
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| Coupon: | 16% 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: | $1,473.54 for Shopify, $372.47 for Zoom and $218.84 for Zscaler
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| Coupon barriers: | $1,031.48 for Shopify, $260.73 for Zoom and $153.19 for Zscaler; 70% of initial levels
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| Final barriers: | $1,031.48 for Shopify, $260.73 for Zoom and $153.19 for Zscaler; 70% of initial levels
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| Equity ratios: | 0.67864 for Shopify, 2.68478 for Zoom and 4.56955 for Zscaler
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| Pricing date: | June 28
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| Settlement date: | July 1
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WWU0
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