Published on 10/11/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $749,000 phoenix autocallable notes on two stocks
By Kiku Steinfeld
Chicago, Oct. 12 – Barclays Bank plc priced $749,000 of phoenix autocallable notes due July 26, 2024 linked to least performing of stocks of Cleveland-Cliffs Inc. and Ford Motor Co., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.25% if each stock closes at or above its 50% 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 monthly call observation date after one year.
The payout at maturity will be par unless any stock finishes below 50% of its initial value in which case investors will be fully exposed to the loss of the least performing stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Cleveland-Cliffs Inc., Ford Motor Co.
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Amount: | $749,000
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Maturity: | July 26, 2024
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Coupon: | 17.25% annualized, payable monthly 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 full exposure to loss of least-performing stock
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any monthly call observation date after one year
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Initial level: | $21.18 for Cleveland-Cliffs, $14.19 for Ford
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Coupon barriers: | $10.59 for Cleveland-Cliffs, $7.10 for Ford; 50% of initial levels
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Final barriers: | $10.59 for Cleveland-Cliffs, $7.10 for Ford; 50% of initial levels
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Pricing date: | July 23
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Settlement date: | July 28
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Agent: | Barclays
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Fees: | 0.85%
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Cusip: | 06748W6U2
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