Published on 1/5/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.72 million phoenix autocallable notes on Ford, MetLife, Applied Materials
By Wendy Van Sickle
Columbus, Ohio, Jan. 5 – Barclays Bank plc priced $2.72 million of phoenix autocallable notes due Dec. 31, 2024 linked to least performing of stocks of Ford Motor Co., MetLife, Inc. and Applied Materials, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 14% 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 after six months.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline 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: | Ford Motor Co., MetLife, Inc., Applied Materials, Inc.
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Amount: | $2,723,000
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Maturity: | Dec. 31, 2024
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Coupon: | 14% 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: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, full exposure to decline of least performing stock
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months
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Initial levels: | $20.76 for Ford, $62.61 for MetLife, $159.64 for Applied Materials
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Coupon barriers: | $12.46 for Ford, $37.57 for MetLife, $95.78 for Applied Materials; 60% of initial levels
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Final barriers: | $12.46 for Ford, $37.57 for MetLife, $95.78 for Applied Materials; 60% of initial levels
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Pricing date: | Dec. 28
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Settlement date: | Dec. 31
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Agent: | Barclays
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Fees: | 3%
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Cusip: | 06741WVH3
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