Published on 10/8/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.42 million phoenix autocallable notes on Tesla, Airbnb, Moderna
By William Gullotti
Buffalo, N.Y., Oct. 8 – Barclays Bank plc priced $2.42 million of phoenix autocallable notes due Sept. 30, 2024 linked to least performing of stocks of Tesla, Inc., Airbnb, Inc. and Moderna, 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 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 call level, 90% of 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 receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent 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., Airbnb, Inc., Moderna, Inc.
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| Amount: | $2,415,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 20% annualized, payable monthly 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 receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above call level on any quarterly observation date
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| Initial levels: | $791.36 for Tesla, $174.26 for Airbnb, $408.84 for Moderna
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| Call levels: | $712.22 for Tesla, $156.83 for Airbnb, $367.96 for Moderna; 90% of initial levels
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| Coupon barriers: | $474.82 for Tesla, $104.56 for Airbnb, $245.30 for Moderna; 60% of initial levels
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| Final barriers: | $474.82 for Tesla, $104.56 for Airbnb, $245.30 for Moderna; 60% of initial levels
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| Equity ratio: | 1.26365 for Tesla, 5.73855 for Airbnb, 2.44594 for Moderna; shares per note
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| Pricing date: | Sept. 27
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| Settlement date: | Sept. 30
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06741WE89
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