Published on 10/12/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $623,000 phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 12 – Barclays Bank plc priced $623,000 of phoenix autocallable notes due Sept. 28, 2023 linked to the least performing of the PayPal Holdings, Inc., salesforce.com, inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if each asset 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 each asset closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus any coupon, unless any asset finishes below 60% of its initial value, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, 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: | PayPal Holdings, Inc., salesforce.com, inc. and Microsoft Corp.
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| Amount: | $623,000
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| Maturity: | Sept. 28, 2023
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| Coupon: | 11% annualized, payable monthly if each asset 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 any coupon unless any asset finishes below final barrier, in which case a number of shares equal to $1,000 divided by the initial share price or cash equivalent
|
| Call: | At par plus contingent coupon if each asset closes at or above initial level on any monthly call observation date after six months
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| Initial level: | $187.25 for PayPal, $242.74 for salesforce, $207.82 for Microsoft
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| Coupon barriers: | $112.35 for PayPal, $145.64 for salesforce $124.69 for Microsoft; 60% of initial levels
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| Final barriers: | $112.35 for PayPal, $145.64 for salesforce $124.69 for Microsoft; 60% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06747QJC2
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