Published on 9/27/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.91 million phoenix autocallable notes on Tesla, Moderna, CrowdStrike
By William Gullotti
Buffalo, N.Y., Sept. 27 – Barclays Bank plc priced $2.91 million of phoenix autocallable notes due July 11, 2024 linked to least performing of stocks of Tesla, Inc., Moderna, Inc. and CrowdStrike Holdings, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 28.5% if each stock closes at or above its 65% 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.
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 finishes below its coupon barrier but at or above its 60% barrier level, the payout at maturity will be par. Otherwise, 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 at the issuer’s option.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Tesla, Inc., Moderna, Inc., CrowdStrike Holdings, Inc.
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Amount: | $2,913,000
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Maturity: | July 11, 2024
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Coupon: | 28.5% 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, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date
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Initial level: | $644.65 for Tesla, $221.90 for Moderna, $267.52 for CrowdStrike
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Coupon barriers: | $419.02 for Tesla, $144.24 for Moderna, $173.89 for CrowdStrike; 65% of initial levels
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Final barriers: | $386.79 for Tesla, $133.14 for Moderna, $160.51 for CrowdStrike; 60% of initial levels
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Equity ratio: | 1.55123 for Tesla, 4.50653 for Moderna, 3.73804 for CrowdStrike; shares per note
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Pricing date: | July 7
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Settlement date: | July 12
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Agent: | Barclays
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Fees: | 4%
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Cusip: | 06741W2A7
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