Published on 9/14/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $750,000 of phoenix autocallables linked to three stocks
By Susanna Moon
Chicago, Sept. 14 – Barclays Bank plc priced $750,000 of phoenix autocallable notes due Sept. 13, 2020 linked to the least performing of the common stock of CVS Health Corp., the class B common stock of Nike, Inc. and the class A common stock of Facebook, 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 9.55% if each stock closes at or above its coupon barrier, 70% of its initial level, 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 its initial level on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its 60% trigger 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
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | CVS Health Corp. (Symbol: CVS), Nike, Inc. (Symbol: NKE) and Facebook, Inc. (Symbol: FB)
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| Amount: | $750,000
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| Maturity: | Sept. 13, 2020
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| Coupon: | 9.55% per year, payable quarterly if each stock closes at or above 70% 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 if each stock finishes at or above trigger level; otherwise, full exposure to decline of worst performing stock
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| Call: | At par plus contingent coupon if stocks close at or above initial levels on any quarterly observation date
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| Initial levels: | $79.72 for CVS, $52.20 for Nike and $170.95 for Facebook
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| Coupon barriers: | $55.80 for CVS, $36.54 for Nike and $119.67 for Facebook; 70% of initial levels
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| Trigger levels: | $47.83 for CVS, $31.32 for Nike and $102.57 for Facebook; 60% of initial levels
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06744C3W9
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