Published on 10/20/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.08 million phoenix autocallable notes on four stocks
By William Gullotti
Buffalo, N.Y., Oct. 20 – Barclays Bank plc priced $2.08 million of phoenix autocallable notes due Oct. 18, 2024 linked to the least performing of the stocks of Nvidia Corp., SoFi Technologies, Inc., Lyft, Inc. and Spotify Technology S.A., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 30% 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.
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 receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Nvidia Corp., SoFi Technologies, Inc., Lyft, Inc., Spotify Technology S.A.
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| Amount: | $2,083,000
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| Maturity: | Oct. 18, 2024
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| Coupon: | 30% annualized, payable quarterly 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, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $218.62 for Nvidia, $19.38 for SoFi, $51.58 for Lyft, $247.40 for Spotify
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| Coupon barriers: | $131.17 for Nvidia, $11.63 for SoFi, $30.95 for Lyft, $148.44 for Spotify; 60% of initial levels
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| Final barriers: | $131.17 for Nvidia, $11.63 for SoFi, $30.95 for Lyft, $148.44 for Spotify; 60% of initial levels
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| Equity ratio: | 4.57415 for Nvidia, 51.59959 for SoFi, 19.38736 for Lyft, 4.04204 for Spotify; shares per note
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| Pricing date: | Oct. 15
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| Settlement date: | Oct. 20
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06741WJ68
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