Published on 5/20/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallable notes on Carvana
Chicago, May 20 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Oct. 31, 2024 linked to the stock performance of Carvana Co., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.7% if the 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 the stock closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to decline.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Carvana Co.
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Amount: | $500,000
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Maturity: | Oct. 31, 2024
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Coupon: | 13.7% annualized, payable quarterly if 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 final coupon unless underlying stock finishes below final barrier, in which case full exposure to decline from initial level
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Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any quarterly call observation date after six months
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Initial level: | $291.53
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Coupon barrier: | $174.92; 60% of initial level
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Final barrier: | $174.92; 60% of initial level
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Pricing date: | Oct. 27, 2021
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Settlement date: | Nov. 1, 2021
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06748WQ89
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