Published on 7/9/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $870,000 phoenix autocallable notes on tech stocks
By Wendy Van Sickle
Columbus, Ohio, July 9 – Barclays Bank plc priced $870,000 of phoenix autocallable notes due July 3, 2025 linked to the least performing of the common stocks of Netflix, Inc. and Amazon.com, Inc., the class A common stock of Facebook Inc. and the Class C capital stock of 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 10.25% if each stock closes at or above its 50% 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 quarterly call observation date.
The payout at maturity will be par plus any coupon, unless any stock finishes below 50% 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: | Netflix, Inc., Amazon.com, Inc., Facebook Inc. and Alphabet Inc.
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| Amount: | $870,000
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| Maturity: | July 3, 2025
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| Coupon: | 10.25% 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 any 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 quarterly call observation date
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| Initial level: | $447.24 for Netflix, $2,680.38 for Amazon, $220.64 for Facebook, $1,394.97 for Alphabet
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| Coupon barriers: | $223.62 for Netflix, $1340.19 for Amazon, $110.32 for Facebook, $697.49 for Alphabet; 50% of initial levels
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| Final barriers: | $223.62 for Netflix, $1340.19 for Amazon, $110.32 for Facebook, $697.49 for Alphabet; 50% of initial levels
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| Pricing date: | June 29
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| Settlement date: | July 2
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06741WHX1
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