Published on 6/26/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5 million phoenix autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, June 26 – Barclays Bank plc priced $5 million of phoenix autocallable notes due June 26, 2025 linked to the least performing of the common stocks of Facebook, Inc., Amazon.com, Inc., Microsoft Corp. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if each 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 each stock closes at or above its initial level on any observation date after six months.
The payout at maturity will be par plus the coupon, unless any stock finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Facebook, Inc., Amazon.com, Inc., Microsoft Corp. and Alphabet Inc.
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| Amount: | $5 million
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| Maturity: | June 26, 2025
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| Coupon: | 11.5% annualized, payable quarterly if each 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 plus coupon unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date after six months
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| Initial level: | $239.22 for Facebook, $2,713.82 for Amazon.com, $200.57 for Microsoft, $1,446.61 for Alphabet
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| Coupon barriers: | $155.49 for Facebook, $1,763.98 for Amazon.com, $130.37 for Microsoft, $943.71 for Alphabet; 65% of initial levels
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| Final barriers: | $143.53 for Facebook, $1,628.29 for Amazon.com, $120.34 for Microsoft, $871.12 for Alphabet; 60% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 25
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| Agent: | Barclays
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| Fees: | 4%
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| Cusip: | 06741WHT0
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