Published on 7/14/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million phoenix autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, July 14 – Barclays Bank plc priced $2 million of phoenix autocallable notes due May 31, 2024 linked to the least performing of the stocks of Tesla, Inc., Snap Inc., DraftKings, Inc. and Shopify 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 32% if each stock closes at or above its 60% 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.
The payout at maturity will be par unless any stock finishes below 60% 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: | Tesla, Inc., Snap Inc., DraftKings, Inc. and Shopify Inc.
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| Amount: | $2 million
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| Maturity: | May 31, 2024
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| Coupon: | 32% 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
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date
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| Initial level: | $619.13 for Tesla, $60.59 for Snap, $49.46 for DraftKings and $1,238.83 for Shopify
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| Coupon barriers: | $371.48 for Tesla, $36.35 for Snap, $29.68 for DraftKings and $743.30 for Shopify; 60% of initial levels
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| Final barriers: | $371.48 for Tesla, $36.35 for Snap, $29.68 for DraftKings and $743.30 for Shopify; 60% of initial levels
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| Pricing date: | May 26
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| Settlement date: | May 28
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| Agent: | Barclays
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| Fees: | 3.21%
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| Cusip: | 06741WUH1
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