Published on 11/27/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.06 million buffered phoenix autocalls tied to stocks
By Susanna Moon
Chicago, Nov. 27 – Barclays Bank plc priced $1.06 million of buffered phoenix autocallable notes due Nov. 19, 2020 linked to the least performing of the common stock of Netflix, Inc., the class C common stock of Alphabet Inc. and the American Depositary Shares representing the common shares of Alibaba Group Holding 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 13.25% if each stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any observation date other than the final date.
The payout at maturity will be par unless any stock falls by more than 20%, in which case investors will be exposed to any losses of the worst performing stock beyond the buffer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered phoenix autocallable notes
|
| Underlying stocks: | Netflix, Inc. (Symbol: NFLX), Alphabet Inc. (Symbol: GOOG) and Alibaba Group Holding Ltd. (Symbol: BABA)
|
| Amount: | $1,061,000
|
| Maturity: | Nov. 19, 2020
|
| Coupon: | 13.25% per year, payable quarterly if each stock closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock falls by more than 20%, in which case 1% loss for each 1% decline of worst performing stock beyond 20%
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly review date other than final date beginning with the second date
|
| Initial levels: | $192.12 for Netflix, $1,020.91 for Alphabet and $181.48 for Alibaba
|
| Coupon barriers: | $134.48 for Netflix, $714.64 for Alphabet and $127.04 for Alibaba; 70% of initial levels
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 20
|
| Agent: | Barclays
|
| Fees: | 3.25%
|
| Cusip: | 06744CLE9
|
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