Published on 7/15/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $550,000 phoenix autocallable notes on Enphase, Tesla
By William Gullotti
Buffalo, N.Y., July 15 – Barclays Bank plc priced $550,000 of phoenix autocallable notes due July 15, 2022 linked to least performing of stocks of Enphase Energy Inc. and Tesla, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 24.15% 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 its initial level on any semiannual observation date.
The payout at maturity will be par unless any stock finishes below 60% of its initial value in which case investors will be fully exposed to the loss of the least performing stock, payable as shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Enphase Energy Inc., Tesla, Inc.
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| Amount: | $550,000
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| Maturity: | July 15, 2022
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| Coupon: | 24.15% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par of $10,000
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| Payout at maturity: | Par plus unless any stock finishes below final barrier, in which case full exposure to loss of least-performing stock, payable as cash or shares at the issuer’s option
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any semiannual call date
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| Initial level: | $185.72 for Enphase, $685.70 for Tesla
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| Coupon barriers: | $111.43 for Enphase, $411.42 for Tesla; 60% of initial levels
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| Final barriers: | $111.43 for Enphase, $411.42 for Tesla; 60% of initial levels
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| Physical delivery: | 53.8445 for Enphase, 14.58364 for Tesla; shares per note
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| Pricing date: | July 12
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| Settlement date: | July 15
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06741W2G4
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