Published on 12/18/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.57 million phoenix autocallable notes on airline-stock basket
By Taylor Fox
New York, Dec. 18 – Barclays Bank plc priced $1.57 million of phoenix autocallable notes due Dec. 15, 2022 linked to a basket containing equal weights of the common stocks of United Airlines Holdings, Inc., Delta Air Lines, Inc., JetBlue Airways Corp. and Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if the basket closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the basket closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par unless the basket finishes below 60% of its initial value, in which case investors will be fully exposed to the decline of the basket.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying basket: | United Airlines Holdings, Inc., Delta Air Lines, Inc., JetBlue Airways Corp., and Southwest Airlines Co.; equally weighted
|
| Amount: | $1,570,000
|
| Maturity: | Dec. 15, 2022
|
| Coupon: | 10% annualized, payable monthly if the basket closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the basket finishes below final barrier, in which case investors will be fully exposed to the decline of the basket
|
| Call: | At par plus contingent coupon if the basket closes at or above initial level on any monthly call observation date after six months
|
| Initial levels: | $48.36 for United, $41.74 for Delta, $14.80 for JetBlue, $45.88 for Southwest
|
| Coupon barrier: | 70% of initial level
|
| Final barriers | 60% of initial level
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 16
|
| Agent: | Barclays
|
| Fees: | 2.75%
|
| Cusip: | 06747QSP3
|
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