Published on 12/3/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $653,000 phoenix autocallables linked to S&P 500
By Kiku Steinfeld
Chicago, Dec. 3 – Barclays Bank plc priced $653,000 of phoenix autocallable notes due Nov. 24, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if the index closes at or above the barrier level, 85% of the initial index level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
After three months, the notes will be called at par plus the contingent coupon if the index closes at or above the initial index level on any observation date other than the final one.
If the notes are not called and the index finishes at or above the barrier level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final index level is less than the initial index level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying index: | S&P 500
|
| Amount: | $653,000
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| Maturity: | Nov. 24, 2021
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| Coupon: | 8% per year, payable quarterly if index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if index finishes at or above barrier price; otherwise, full exposure to index’s decline
|
| Call: | After three months, automatically at par plus contingent coupon if index closes at or above initial level on any quarterly observation date other than final one
|
| Initial index level: | 3,581.87
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| Barrier level: | 3,044.59, 85% of initial level
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
|
| Agent: | Barclays
|
| Fees: | 1.25%
|
| Cusip: | 06747QQJ9
|
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