Published on 5/10/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $309,000 phoenix autocallable notes on Pinduoduo
Chicago, May 10 – Barclays Bank plc priced $309,000 of phoenix autocallable contingent coupon notes due March 21, 2024 linked to the American Depositary Shares of Pinduoduo Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.55% if the stock closes at or above its 60% coupon barrier on the related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless the stock finishes below 60% of its initial value, in which case investors will be fully exposed the decline of the stock from its initial level, payable in shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable contingent coupon notes
|
| Underlying stock: | Pinduoduo Inc.
|
| Amount: | $309,000
|
| Maturity: | March 21, 2024
|
| Coupon: | 14.55% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its final barrier level, in which case full exposure, payable either in shares or cash at issuer’s option
|
| Call: | At par plus contingent coupon if stock closes at or above initial share price on any quarterly call observation date
|
| Initial share price: | $141.82
|
| Coupon barrier level: | $85.09, 60% of initial level
|
| Final barrier level: | $85.09, 60% of initial level
|
| Pricing date: | March 22
|
| Settlement date: | March 25
|
| Agent: | Barclays
|
| Fees: | 2.5%
|
| Cusip: | 06741WSJ0
|
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