Published on 2/2/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallable notes linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 2 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due Jan. 30, 2020 linked to the least performing of three common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying stocks are Facebook, Inc., NIKE, Inc. and Alphabet Inc.
Each month, the notes will pay a contingent coupon at an annual rate of 9.25% if each stock closes at or above its barrier level, 60% of its initial price, on the observation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on any quarterly call valuation date after six months.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its barrier level, in which case investors will be fully exposed to any losses 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., NIKE, Inc., Alphabet Inc.
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| Amount: | $500,000
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| Maturity: | Jan. 30, 2020
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| Coupon: | 9.25%, payable monthly if each stock closes at or above barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing stock finishes below 60% barrier level, in which case 1% loss for each 1% decline of the least-performing stock
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial price on any quarterly observation date after six months
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| Initial prices: | $132.78 for Facebook, $53.65 for NIKE and $832.15 for Alphabet
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| Barrier prices: | $79.67 for Facebook, $32.19 for NIKE and $499.29 for Alphabet; 60% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agents: | Barclays
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| Fees: | 3%
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| Cusip: | 06741VHW5
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