Published on 3/12/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $650,000 phoenix autocallable notes on three ETFs
By Kiku Steinfeld
Chicago, March 14 – Barclays Bank plc priced $650,000 of phoenix autocallable notes due Sept. 21, 2023 linked to the least performing of the SPDR S&P 500 ETF Trust, the iShares Russell 2000 ETF and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each ETF closes at or above its 80% 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 quarterly call observation date.
The payout at maturity will be par plus the final coupon unless any ETF finishes below 80% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level, payable in shares or cash at the option of the issuer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying ETFs: | SPDR S&P 500 ETF Trust, Invesco QQQ Trust, series 1, iShares Russell 2000 ETF
|
| Amount: | $650,000
|
| Maturity: | Sept. 21, 2023
|
| Coupon: | 9% annualized, payable quarterly if each ETF closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any ETF finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing ETF from its initial level, payable in shares or cash at the option of the issuer
|
| Call: | Automatically at par plus contingent coupon if each ETF closes at or above initial level on any quarterly call observation date
|
| Initial levels: | $447.88 for S&P 500, $222.03 for Russell, $378.05 for QQQ
|
| Coupon barriers: | $358.30 for S&P 500, $177.62 for Russell, $302.44 for QQQ; 80% of initial levels
|
| Final barriers: | $358.30 for S&P 500, $177.62 for Russell, $302.44 for QQQ; 80% of initial levels
|
| Equity ratios: | 2.23274 for S&P 500, 4.5039 for Russell, 2.64515 for QQQ
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 21
|
| Agent: | Barclays
|
| Fees: | 1.9%
|
| Cusip: | 06741WE63
|
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