Published on 9/29/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.24 million phoenix autocallables tied to three stocks
By Marisa Wong
Morgantown, W.Va., Sept. 29 – Barclays Bank plc priced $2.24 million of phoenix autocallable notes due Sept. 26, 2019 linked to the least performing of the common stocks of Facebook, Inc., Citigroup Inc. and FedEx Corp., 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 coupon barrier, 70% of its initial price, 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 price on any quarterly observation date other than the final date.
The payout at maturity will be par unless any stock finishes below its 70% trigger level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial price of that 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. (Symbol: FB), Citigroup Inc. (Symbol: C), FedEx Corp. (Symbol: FDX)
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| Amount: | $2.24 million
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| Maturity: | Sept. 26, 2019
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| Coupon: | 13% 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, number of shares of worst performing stock equal to $1,000 divided by initial price of that stock
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| Call: | At par plus contingent coupon if stocks close at or above initial prices on any quarterly observation date other than final date
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| Initial prices: | $170.54 for Facebook, $71.40 for Citigroup, $220.00 for FedEx
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| Coupon barriers: | $119.38 for Facebook, $49.98 for Citigroup, $154.00 for FedEx; 70% of initial prices
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| Trigger levels: | $119.38 for Facebook, $49.98 for Citigroup, $154.00 for FedEx; 70% of initial prices
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 29
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| Agent: | Barclays
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| Fees: | 2.25%
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| Cusip: | 06741WDA5
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