Published on 9/27/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $615,000 phoenix autocallable notes on three stocks
By Kiku Steinfeld
Chicago, Sept. 27 – Barclays Bank plc priced $615,000 of phoenix autocallable notes due March 20, 2024 linked to least performing of stocks of Ford Motor Co., Tesla, Inc. and General Motors Co., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15.5% 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 initial level on any quarterly call observation date.
The payout at maturity will be par unless any stock finishes below 60% of its initial value, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
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., Tesla, Inc. and General Motors Co.
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| Amount: | $615,000
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| Maturity: | March 20, 2024
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| Coupon: | 15.5% 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: | Par plus unless any stock finishes below final barrier, in which case investors will receive shares of the worst performer or the cash equivalent at the issuer’s option
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date
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| Initial level: | $13.22 for Ford, $755.83 for Tesla, $51.82 for GM
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| Coupon barriers: | $7.93 for Ford, $453.50 for Tesla, $31.09 for GM; 60% of initial levels
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| Final barriers: | $7.93 for Ford, $453.50 for Tesla, $31.09 for GM; 60% of initial levels
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| Equity levels: | 75.64297 for Ford, 1.32305 for Tesla, $19.29757 for GM; shares per note
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06741WC99
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