E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
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
Issue:Phoenix autocallable notes
Underlying stocks:Adobe Inc., Zscaler, Inc. and Wayfair, Inc.
Amount:$1.53 million
Maturity:April 19, 2023
Coupon:26.5% annualized, payable quarterly if each stock closes at or above coupon barrier on related observation date
Price:Par
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
Call:At par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
Initial level:$525.08 for Adobe, $192.49 for Zscaler and $321.64 for Wayfair
Coupon barriers:$367.56 for Adobe, $134.74 for Zscaler and $225.15 for Wayfair; 70% of initial levels
Final barriers:$367.56 for Adobe, $134.74 for Zscaler and $225.15 for Wayfair; 70% of initial levels
Equity ratios:1.90447 for Adobe, 5.90447 for Zscaler and 3.10907 for Wayfair
Pricing date:April 16
Settlement date:April 21
Agent:Barclays
Fees:1.75%
Cusip:06748EKL6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.