Published on 12/6/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 8% fixed-coupon autocalls on three travel stocks
By William Gullotti
Buffalo, N.Y., Dec. 6 – Barclays Bank plc priced $500,000 of 8% autocallable fixed-coupon notes due Aug. 19, 2022 linked to the stock performance of Delta Air Lines, Inc., TripAdvisor, Inc. and Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The notes will be automatically called at par if each stock closes at or above its initial level on any quarterly call valuation date.
If the notes have not been called, the payout at maturity will be par plus the final coupon if each stock finishes at or above its 51.85% knock-in value.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level or, at the issuer’s option, the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable fixed-coupon notes
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| Underlying stocks: | Delta Air Lines, Inc., TripAdvisor, Inc., Royal Caribbean Cruises Ltd.
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| Amount: | $500,000
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| Maturity: | Aug. 19, 2022
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| Coupon: | 8%, payable quarterly
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above knock-in level, par plus final coupon; otherwise, investors will receive shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
|
| Call: | At par if each stock closes at or above initial level on any quarterly call valuation date
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| Initial levels: | $39.90 for Delta, $34.95 for TripAdvisor, $78.89 for Royal
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| Knock-in levels: | $20.69 for Delta, $18.12 for TripAdvisor, $40.90 for Royal; 51.85% of initial level
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| Equity ratio: | 25.06266 for Delta, 28.6123 for TripAdvisor, 12.67588 for Royal; shares delivered per note
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| Strike date: | Aug. 13
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| Pricing date: | Aug. 16
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| Settlement date: | Aug. 19
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06741WA75
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