Published on 2/12/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.14 million 13% rate phoenix autocalls on stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 12 – Barclays Bank plc priced $4.14 million of phoenix autocallable notes due Feb. 12, 2020 linked to the lesser performing of the common stocks of Bank of America Corp., Citigroup Inc. and Wells Fargo & Co., 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% if each stock closes at or above its 75% 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 initial level on any call observation date.
The payout at maturity will be par unless any stock finishes below its 75% trigger level, in which case investors will be fully exposed to any losses of the worse performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.
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| Amount: | $4,138,000
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| Maturity: | Feb. 12, 2020
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| Coupon: | 13% annualized, payable quarterly if each stock closes at or above 75% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either stock finishes below 75% trigger, in which case 1% loss per 1% decline of worse performing stock
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date other than final date
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| Initial levels: | $31.25 for BofA, $74.99 for Citigroup, $57.54 for Wells
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| Barrier levels: | $23.44 for BofA, $56.24 for Citigroup, $43.16 for Wells, 75% of initial levels
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| Pricing date: | Feb. 7
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| Settlement date: | Feb. 12
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06741WDW7
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