Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $908,000 phoenix autocallable notes on car stocks
Chicago, May 18 – Barclays Bank plc priced $908,000 of phoenix autocallable notes due April 30, 2024 linked to the least performing of the stocks of Ford Motor Co., General Motors Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par, unless any stock finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock, payable in shares or cash at the issuer’s option.
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., General Motors Co. and Tesla, Inc.
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Amount: | $908,000
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Maturity: | April 30, 2024
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Coupon: | 15% 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 unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
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Call: | At par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date after three months
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Initial levels: | $15.51 for Ford, $54.26 for GM, $1,037.86 for Tesla
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Coupon barriers: | $9.31 for Ford, $32.56 for GM, $622.72 for Tesla; 60% of initial levels
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Final barriers: | $9.31 for Ford, $32.56 for GM, $622.72 for Tesla; 60% of initial levels
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Physical delivery amounts: | 64. 47453 for Ford, 18.42978 for GM, 0.96352 for Tesla
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Pricing date: | Oct. 27, 2021
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Settlement date: | Oct. 29, 2021
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Agent: | Barclays
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Fees: | 4%
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Cusip: | 06741WH94
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