Published on 9/13/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.49 million phoenix autocallable notes on four stocks
By William Gullotti
Buffalo, N.Y., Sept. 13 – Barclays Bank plc priced $1.49 million of phoenix autocallable notes due July 3, 2024 linked to least performing of stocks of Ford Motor Co., Boeing Co., Walmart Inc. and Goldman Sachs Group, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.35% 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 after six months.
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: | Ford Motor Co., Boeing Co., Walmart Inc., Goldman Sachs Group, Inc.
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| Amount: | $1.49 million
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| Maturity: | July 3, 2024
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| Coupon: | 10.35% 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 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 initial level on any quarterly observation date after six months
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| Initial level: | $14.96 for Ford, $239.96 for Boeing, $138.10 for Walmart, $368.71 for Goldman Sachs
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| Coupon barriers: | $8.98 for Ford, $143.98 for Boeing, $82.86 for Walmart, $221.23 for Goldman Sachs; 60% of initial levels
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| Final barriers: | $8.98 for Ford, $143.98 for Boeing, $82.86 for Walmart, $221.23 for Goldman Sachs; 60% of initial levels
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| Equity ratio: | 66.84492 for Ford, 4.16736 for Boeing, 7.24113 for Walmart, 2.71216 for Goldman Sachs; shares per note
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| Pricing date: | June 28
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| Settlement date: | June 30
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06741WWC0
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