Published on 5/19/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallable notes linked to Zoom, Netflix
By William Gullotti
Buffalo, N.Y., May 19 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Oct. 23, 2024 linked to the least performing of the stocks Zoom Video Communications, Inc. and Netflix, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each stock closes at or above its 60% 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 quarterly call observation date.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Zoom Video Communications, Inc., Netflix, Inc.
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| Amount: | $500,000
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| Maturity: | Oct. 23, 2024
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| Coupon: | 10% annualized, payable quarterly 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: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer from initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $274.23 for Zoom, $637.97 for Netflix
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| Coupon barriers: | $164.54 for Zoom, $382.78 for Netflix; 60% of initial levels
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| Final barriers: | $164.54 for Zoom, $382.78 for Netflix; 60% of initial levels
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| Pricing date: | Oct. 18, 2021
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| Settlement date: | Oct. 21, 2021
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06748WNQ2
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