Published on 8/27/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.07 million phoenix autocallable notes on Tesla
By Kiku Steinfeld
Chicago, Aug. 27 – Barclays Bank plc priced $1.07 million of phoenix autocallable notes due Oct. 30, 2023 linked to the common stock of Tesla, 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 20% if the stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par of plus the contingent coupon if the stock closes at or above its initial level on any monthly call observation date beginning in July.
The payout at maturity will be par unless the stock finishes below 50% of its initial value in which case investors will be fully exposed to the decline, payable either in 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 stock: | Tesla, Inc.
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Amount: | $1,073,000
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Maturity: | Oct. 30, 2023
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Coupon: | 20% 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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Call: | Automatically at par plus contingent coupon if stock closes at or above initial level on any monthly call observation date beginning in July
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Payout at maturity: | Par unless stock finishes below final barrier, in which case full exposure to decline, payable in either 1.44009 shares or cash at issuer’s option
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Initial level: | $694.40
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Coupon barrier level: | $416.64, 60% of initial level
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Final barrier level: | $347.20, 50% of initial level
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Pricing date: | April 28
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Settlement date: | April 30
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Agent: | Barclays
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Fees: | 4%
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Cusip: | 06741WTH3
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