Published on 7/24/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.62 million phoenix autocallable notes linked to energy stocks
By Angela McDaniels
Tacoma, Wash., July 24 – Barclays Bank plc priced $1.62 million of phoenix autocallable notes due July 25, 2019 linked to the least performing of the common stock of Devon Energy Corp., the common stock of Continental Resources, Inc. and the class A common stock of Parsley Energy, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 12% per year if each stock closes at or above its barrier price, 50% of its initial share price, on the related quarterly observation date.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly determination date.
The payout at maturity will be par unless any stock finishes below its barrier level, in which case investors will lose 1% for each 1% decline of the worst-performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stocks: | Devon Energy Corp. (Symbol: DVN), Continental Resources, Inc. (Symbol: CLR) and Parsley Energy, Inc. (Symbol: PE)
|
| Amount: | $1,615,000
|
| Maturity: | July 25, 2019
|
| Coupon: | 12% per year, payable quarterly if each stock closes at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier price, in which case par minus 1% for each 1% decline of worst-performing stock
|
| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly determination date
|
| Initial share price: | $31.99 for Devon, $32.44 for Continental and $28.13 for Parsley
|
| Barrier prices: | $16.00 for Devon, $16.22 for Continental and $14.07 for Parsley; 50% of initial share prices
|
| Pricing date: | July 20
|
| Settlement date: | July 27
|
| Agent: | Barclays
|
| Fees: | 2.25%
|
| Cusip: | 06744CCL3
|
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