Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $24.55 million phoenix autocallables linked to basket of airline stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Barclays Bank plc priced $24.55 million phoenix autocallable notes due Sept. 29, 2022 linked to a basket of the common stocks of United Airlines Holdings, Inc. (33.33% weight), Delta Air Lines, Inc. (33.33% weight) and Southwest Airlines Co. (33.33% weight), according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.25% if the basket closes at or above its 50% coupon barrier on the related monthly observation date.
The notes will be called automatically at par plus the contingent coupon if the basket closes at or above its initial level on any monthly call valuation date after six months.
The payout at maturity will be par unless the basket finishes below its 50% barrier price, in which case investors will lose 1% for each 1% decline below the initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying basket: | United Airlines Holdings, Inc. (33.33% weight), Delta Air Lines, Inc. (33.33% weight) and Southwest Airlines Co. (33.33% weight)
|
| Amount: | $24,552,000
|
| Maturity: | Sept. 14, 2023
|
| Coupon: | 16.25%, payable monthly if basket closes at or above coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par if basket finishes at or above barrier; otherwise, par plus basket return
|
| Call: | Automatically at par plus contingent coupon if basket closes at or above initial level on a monthly observation date after six months
|
| Initial share price: | $34.20 for United, $29.78 for Delta, $37.10 for Southwest
|
| Coupon barrier/barrier: | 50% of initial level
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Underwriters: | Barclays
|
| Fees: | 1.85%
|
| Cusip: | 06747QHU4
|
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