Published on 8/31/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.3 million phoenix autocallable notes on ChargePoint, NIO
By William Gullotti
Buffalo, N.Y., Aug. 31 – Barclays Bank plc priced $2.3 million of phoenix autocallable notes due Aug. 29, 2024 linked to least performing of stocks of ChargePoint Holdings, 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 22.5% 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, 80% of initial level, on any monthly call observation date after three months.
The payout at maturity will be par unless any stock finishes below 50% of its initial value, in which case investors will be fully exposed to the loss of the least performing stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | ChargePoint Holdings, Inc., NIO Inc.
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Amount: | $2.3 million
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Maturity: | Aug. 29, 2024
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Coupon: | 22.5% 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: | Par plus unless any stock finishes below final barrier, in which case full exposure to decline of worst performer from its initial level
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Call: | At par plus contingent coupon if each stock closes at or above call level on any monthly call observation date after three months
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Initial levels: | $22.24 for ChargePoint, $38.95 for NIO
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Call levels: | $17.79 for ChargePoint, $31.16 for NIO; 80% of initial levels
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Coupon barriers: | $13.34 for ChargePoint, $23.37 for NIO; 60% of initial levels
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Final barriers: | $11.12 for ChargePoint, $19.48 for NIO; 50% of initial levels
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Pricing date: | Aug. 25
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Settlement date: | Aug. 30
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06748WDT7
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