Published on 8/18/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 phoenix autocallable notes on four stocks
By Kiku Steinfeld
Chicago, Aug. 18 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Jan. 17, 2025 linked to the least performing of the common stocks of Roku, Inc., Square Inc., PayPal Holdings, Inc. and Adobe 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 22.8% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any monthly observation date after six months.
The payout at maturity will be par plus the coupon, unless any stock finishes below 50% 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: | Roku, Inc., Square Inc., PayPal Holdings, Inc. and Adobe Inc.
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Amount: | $500,000
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Maturity: | Jan. 17, 2025
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Coupon: | 22.8% 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 plus coupon 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 plus contingent coupon if each stock closes at or above initial level on any observation date after six months
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Initial level: | $167.48 for Roku, $133.29 for Square, $178.42 for PayPal, $520.60 for Adobe
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Coupon barriers: | $100.49 for Roku, $79.97 for Square, $107.05 for PayPal, $312.36 for Adobe; 60% of initial levels
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Final barriers: | $83.74 for Roku, $66.64 for Square, $89.21 for PayPal, $260.30 for Adobe; 50% of initial levels
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Pricing date: | Jan. 14
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Settlement date: | Jan. 20
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06748X5W7
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