Published on 3/31/2021 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.59 million phoenix autocallable notes on Marvell Technology
By Taylor Fox
New York, March 31 – Barclays Bank plc priced $4.59 million of phoenix autocallable notes due March 23, 2023 linked to the common stock of Marvell Technology Group Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.5% if the stock closes at or above its 65% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below 65% of its initial value, in which case investors will be exposed to the decline of the stock, payable in shares or cash 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 stock: | Marvell Technology Group Ltd.
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Amount: | $4,593,000
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Maturity: | March 23, 2023
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Coupon: | 12.5% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par unless stock finishes below final barrier, in which case exposure to stock’s decline, payable in stock or cash at issuer’s option
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Call: | At par plus contingent coupon if stock closes at or above initial level on any quarterly observation date after six months
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Initial level: | $47.00
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Coupon barrier level: | $30.55, 65% of initial level
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Final barrier level: | $30.55, 65% of initial level
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Pricing date: | March 19
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Settlement date: | March 24
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Agent: | Barclays
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Fees: | 1.75%
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Cusip: | 06741WSH4
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