Published on 5/7/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.53 million phoenix autocallable notes on three stocks
By Kiku Steinfeld
Chicago, May 7 – Barclays Bank plc priced $1.53 million of phoenix autocallable notes due April 19, 2023 linked to least performing of stocks of Adobe Inc., Zscaler, Inc. and Wayfair, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 26.5% if each stock closes at or above its 70% 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 after six months.
The payout at maturity will be par unless any stock finishes below 70% of its initial value in which case investors will receive a number of shares of least performing stock equal to $1,000 divided by initial share price or, at issuer’s option, cash equivalent.
Barclays is agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Adobe Inc., Zscaler, Inc. and Wayfair, Inc.
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Amount: | $1.53 million
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Maturity: | April 19, 2023
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Coupon: | 26.5% 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: | Par plus unless any stock finishes below final barrier, in which case investors will receive a number of shares of least performing stock equal to $1,000 divided by initial price or, at issuer’s option, cash equivalent
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
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Initial level: | $525.08 for Adobe, $192.49 for Zscaler and $321.64 for Wayfair
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Coupon barriers: | $367.56 for Adobe, $134.74 for Zscaler and $225.15 for Wayfair; 70% of initial levels
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Final barriers: | $367.56 for Adobe, $134.74 for Zscaler and $225.15 for Wayfair; 70% of initial levels
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Equity ratios: | 1.90447 for Adobe, 5.90447 for Zscaler and 3.10907 for Wayfair
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Pricing date: | April 16
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Settlement date: | April 21
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06748EKL6
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