Published on 12/10/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.23 million phoenix autocallable notes on Coinbase, SoFi
By William Gullotti
Buffalo, N.Y., Dec. 10 – Barclays Bank plc priced $3.23 million of phoenix autocallable notes due Dec. 11, 2024 linked to the least performing of the stocks of Coinbase Global, Inc. and SoFi Technologies, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.5% 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 call level, 80% of initial level, on any monthly call observation date after three months.
If the notes are not called and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer lags below its coupon barrier but finishes at or above its 50% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Coinbase Global, Inc., SoFi Technologies, Inc.
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Amount: | $3,234,000
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Maturity: | Dec. 11, 2024
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Coupon: | 16.5% 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: | If each stock finishes at or above coupon barrier level, par plus final coupon; if the worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from initial level
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Call: | Automatically at par plus coupon if each stock closes at or above call level on any monthly observation date after three months
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Initial levels: | $286.42 for Coinbase, $16.62 for SoFi
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Call levels: | $229.14 for Coinbase, $13.30 for SoFi; 80% of initial levels
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Coupon barriers: | $171.85 for Coinbase, $9.97 for SoFi; 60% of initial levels
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Final barriers: | $143.21 for Coinbase, $8.31 for SoFi; 50% of initial levels
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Pricing date: | Dec. 7
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Settlement date: | Dec. 10
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Agent: | Barclays
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Fees: | 3.5%
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Cusip: | 06748WWR0
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