Published on 11/3/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $388,000 of phoenix autocallables linked to tech stocks
By Susanna Moon
Chicago, Nov. 3 – Barclays Bank plc priced $388,000 of phoenix autocallable notes due Oct. 30, 2020 linked to the lesser performing of class A common stock of Facebook, Inc., and the common stocks of Amazon.com, Inc. and Netflix, Inc. and the class C common stock Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if each stock closes at or above its 60% coupon barrier 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 level on any observation date.
The payout at maturity will be par unless any stock finishes below its 60% barrier level, in which case investors will be fully exposed to any losses to 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. (Symbol: FB), Amazon.com, Inc. (Symbol: AMZN), Netflix, Inc. (Symbol: NFLX) and Alphabet Inc. (Symbol: GOOG)
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| Amount: | $388,000
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| Maturity: | Oct. 30, 2020
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| Coupon: | 12% per year, payable monthly if each stock closes at or above 60% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes 60% barrier, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each fund closes at or above initial level on any quarterly review date from January through July 2020
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| Initial levels: | $170.63 for Facebook, $972.43 for Amazon, $195.21 for Netflix and $972.56 for Alphabet
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| Barrier levels: | $102.38 for Facebook, $583.46 for Amazon, $117.13 for Netflix and $583.54 for Alphabet; 60% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744C6G1
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