Published on 10/29/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.25 million phoenix autocallable notes on Tesla, NIO
By William Gullotti
Buffalo, N.Y., Oct. 29 – Barclays Bank plc priced $1.25 million of phoenix autocallable notes due Aug. 1, 2024 linked to least performing of stocks of Tesla, Inc. and NIO Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 18.65% if each stock closes at or above its 50% 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 monthly call observation date after one year.
If the notes are not called and each stock finishes at or above its 50% 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: | Tesla, Inc., NIO Inc.
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| Amount: | $1,250,000
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| Maturity: | Aug. 1, 2024
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| Coupon: | 18.65% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
|
| 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
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after one year
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| Initial levels: | $644.78 for Tesla, $39.36 for NIO
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| Coupon barriers: | $322.39 for Tesla, $19.68 for NIO; 50% of initial levels
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| Final barriers: | $322.39 for Tesla, $19.68 for NIO; 50% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748W7F4
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