Published on 2/28/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.07 million phoenix autocallable notes on Tesla
Chicago, Feb. 28 – Barclays Bank plc priced $1.07 million of phoenix autocallable notes due Oct. 30, 2023 linked to the performance of 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 20% if the 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 the stock closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and the stock finishes at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par plus any final coupon. Otherwise, investors will be fully exposed to the losses of the stock, payable either in shares or cash at the issuer’s election.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Tesla, Inc.
|
| Amount: | $1,073,000
|
| Maturity: | Oct. 30, 2023
|
| Coupon: | 20% annualized, payable monthly if stock closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any final coupon unless underlying stock finishes below final barrier, in which case full exposure to loss of stock, payable either in shares or cash at the issuer’s option
|
| Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any monthly call observation date after three months
|
| Initial level: | $694.40
|
| Coupon barrier: | $416.64; 60% of initial level
|
| Final barrier: | $347.20; 50% of initial level
|
| Physical delivery amount: | 1.44009 shares
|
| Pricing date: | April 28, 2021
|
| Settlement date: | April 30, 2021
|
| Agent: | Barclays
|
| Fees: | 4%
|
| Cusip: | 06741WTH3
|
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