Published on 4/27/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $15.13 million phoenix autocallable notes on stock basket
By Wendy Van Sickle
Columbus, Ohio, April 27 – Barclays Bank plc priced $15.13 million of phoenix autocallable notes due April 24, 2023 linked to a basket containing equal weights of the common stocks of Royal Caribbean Cruises Ltd., Carnival Corp., Norwegian Cruise Line Holdings Ltd. and MGM Resorts International, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if the basket closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the basket closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par unless the basket finishes below 60% of its initial value, in which case investors will be fully exposed to the decline of the basket.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying basket: | Royal Caribbean Cruises Ltd., Carnival Corp., Norwegian Cruise Line Holdings Ltd. and MGM Resorts International; equally weighted
|
| Amount: | $15,129,000
|
| Maturity: | April 24, 2023
|
| Coupon: | 10% annualized, payable monthly if the basket closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless the basket finishes below the final barrier, in which case investors will be fully exposed to the decline of the basket
|
| Call: | At par plus the contingent coupon if the basket closes at or above its initial level on any monthly call observation date after six months
|
| Initial levels: | $83.78 for Royal, $26.89 for Carnival, $27.97 for Norwegian, $39.75 for MGM
|
| Coupon barrier: | 60% of initial level
|
| Final barriers | 60% of initial level
|
| Pricing date: | April 19
|
| Settlement date: | April 22
|
| Agent: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06748EG31
|
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