Published on 12/28/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 phoenix autocallable notes on ETF, two stocks
By Wendy Van Sickle
Columbus Ohio, Dec. 30 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Dec. 21, 2023 linked to the least performing of the Energy Select Sector SPDR fund and the common stocks of Boeing Co. and AT&T 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 19.5% if each asset 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 each asset closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus any coupon, unless any asset finishes below 70% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | Energy Select Sector SPDR fund, Boeing Co., AT&T Inc.
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Amount: | $500,000
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Maturity: | Dec. 21, 2023
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Coupon: | 19.5% annualized, payable quarterly if each asset 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 any coupon unless any asset finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing asset
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Call: | At par plus contingent coupon if each asset closes at or above initial level on any quarterly call observation date after six months
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Initial level: | $40.46 for fund, $229.50 for Boeing, $30.58 for AT&T
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Coupon barriers: | $28.32 for fund, $160.65 for Boeing, $21.41 for AT&T; 70% of initial levels
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Final barriers: | $28.32 for fund, $160.65 for Boeing, $21.41 for AT&T; 70% of initial levels
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Pricing date: | Dec. 16
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Settlement date: | Dec. 21
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06747QTG2
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