Published on 9/20/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million phoenix autocallable notes on three ETFs
By William Gullotti
Buffalo, N.Y., Sept. 20 – Barclays Bank plc priced $2.5 million of phoenix autocallable notes due Sept. 20, 2024 linked to the least performing of the SPDR S&P 500 ETF Trust, the Invesco QQQ Trust, Series 1 and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 6% if each ETF 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 ETF closes at or above its initial level on any semiannual call observation date after one year.
If the notes are notes are not called and each ETF finishes at or above its final barrier, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying funds: | SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1
|
| Amount: | $2,500,000
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| Maturity: | Sept. 20, 2024
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| Coupon: | 6% annualized, payable semiannually if each ETF closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above final barrier, par plus final coupon; otherwise, investors will receive shares of the worst performer equal to that ETF’s equity ratio or the cash equivalent at the issuer’s option
|
| Call: | Automatically at par plus contingent coupon if each ETF closes at or above initial level on any semiannual call observation date
|
| Initial levels: | $444.17 for SPDR, $220.04 for iShares, $375.26 for QQQ
|
| Coupon barriers: | $266.50 for SPDR, $132.02 for iShares, $225.16 for QQQ; 60% of initial levels
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| Final barriers: | $266.50 for SPDR, $132.02 for iShares, $225.16 for QQQ; 60% of initial levels
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| Equity ratio: | 2.25139 for SPDR, 4.54463 for iShares, 2.66482 for QQQ; shares per note
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| Strike date: | Sept. 14
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Agent: | Barclays
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| Fees: | 1.15%
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| Cusip: | 06741WE30
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