Published on 8/4/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.75 million phoenix autocallable notes on three stocks
By William Gullotti
Buffalo, N.Y., Aug. 4 – Barclays Bank plc priced $1.75 million of phoenix autocallable notes due Aug. 3, 2023 linked to least performing of stocks of Apple Inc., Fiverr International Ltd. and Xilinx, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10.5% 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 the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Apple Inc., Fiverr International Ltd., Xilinx, Inc.
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| Amount: | $1.75 million
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| Maturity: | Aug. 3, 2023
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| Coupon: | 10.5% 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 unless any stock finishes below final barrier, in which case investors will receive shares of the worst performer or the cash equivalent at the issuer’s option
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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: | $145.86 for Apple, $248.91 for Fiverr, $149.84 for Xilinx
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| Coupon barriers: | $102.10 for Apple, $174.24 for Fiverr, $104.89 for Xilinx; 70% of initial levels
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| Final barriers: | $102.10 for Apple, $174.24 for Fiverr, $104.89 for Xilinx; 70% of initial levels
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| Equity levels: | 6.85589 for Apple, 4.01752 for Fiverr, 6.67379 for Xilinx; shares per note
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741W2Z2
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