Published on 7/28/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 autocallable fixed-coupon notes on Tesla
By Kiku Steinfeld
Chicago, July 28 – Barclays Bank plc priced $500,000 of 10.55% autocallable fixed-coupon notes due July 19, 2024 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par of $10,000 if the stock closes at or above its initial level on any quarterly call valuation date after one year.
If the notes are not called, the payout at maturity will be par unless the stock finishes below 60% of its initial level. Otherwise, investors will lose 1% for each 1% decline of the stock, payable either in shares or cash at the issuer’s option.
Barclay is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable fixed-coupon notes
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Underlying stock: | Tesla, Inc.
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Amount: | $500,000
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Maturity: | July 19, 2024
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Coupon: | 10.55%, payable monthly
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Price: | Par of $10,000
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Call: | At par if stock closes at or above initial level on any quarterly call valuation date after one year
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Payout at maturity: | Par unless stock finishes below barrier level, in which case exposure to losses, payable in 15.52265 shares or cash equivalent
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Initial level: | $644.22
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Barrier level: | $386.53, 60% of initial level
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Pricing date: | July 16
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Settlement date: | July 21
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06741W2L3
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