Published on 4/2/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $570,000 phoenix autocallable notes on four stocks
By Kiku Steinfeld
Chicago, April 5 – Barclays Bank plc priced $570,000 of phoenix autocallable notes due March 15, 2024 linked to the least performing of the common stocks of Netflix, Inc., Applied Materials, Inc., Boeing Co. and PayPal Holdings, 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 18.5% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par if each stock closes at or above its initial level on any quarterly call observation date after six 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.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Netflix, Inc., Applied Materials, Inc., Boeing Co. and PayPal Holdings, Inc.
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| Amount: | $570,000
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| Maturity: | March 15, 2024
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| Coupon: | 18.5% 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 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 if each stock closes at or above initial level on any quarterly call observation date after six months
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| Initial level: | $114.29 for Applied Materials, $250.35 for PayPal, $518.02 for Netflix, $269.19 for Boeing
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| Coupon barriers: | $68.57 for Applied Materials, $150.21 for PayPal, $310.81 for Netflix, $161.51 for Boeing; 60% of initial levels
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| Final barriers: | $68.57 for Applied Materials, $150.21 for PayPal, $310.81 for Netflix, $161.51 for Boeing; 60% of initial levels
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| Pricing date: | March 12
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| Settlement date: | March 17
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06748EEM1
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