Published on 8/29/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.59 million phoenix autocallable notes on Tesla, Enphase
Chicago, Aug. 29 – Barclays Bank plc priced $1.59 million of phoenix autocallable notes due Jan. 25, 2024 linked to the least performing of Tesla, Inc. and Enphase Energy Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 25.85% if each 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 each stock closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par unless any stock finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock, payable either in shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Tesla, Inc. and Enphase Energy Inc.
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| Amount: | $1,590,000
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| Maturity: | Jan. 25, 2024
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| Coupon: | 25.85% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par of $10,000
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| Payout at maturity: | Par unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock, payable in shares or cash at the issuer’s option
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after one year
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| Initial levels: | $943.90 for Tesla, $126.02 for Enphase
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| Coupon barriers: | $566.34 for Tesla, $75.61 for Enphase; 60% of initial levels
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| Final barriers: | $566.34 for Tesla, $75.61 for Enphase; 60% of initial levels
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| Physical delivery amounts: | 10.59434 for Tesla, 79.35248 for Enphase
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 26
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WS68
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