Published on 1/2/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $327,000 three-year phoenix autocalls on four tech stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 2 – Barclays Bank plc priced $327,000 of phoenix autocallable notes due Dec. 24, 2020 linked to the least performing of the common stocks of Facebook, Inc., Apple Inc., Amazon.com, Inc. and 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 11.75% 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 quarterly call 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., Apple Inc., Amazon.com, Inc. and Alphabet Inc.
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| Amount: | $327,000
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| Maturity: | Dec. 24, 2020
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| Coupon: | 11.75% annualized, 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
|
| 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 share prices: | $177.45 for Facebook, $175.01 for Apple, $1,063.63 for Alphabet and $1,174.76 for Amazon
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| Barrier levels: | $106.47 for Facebook, $105.01 for Apple, $638.18 for Alphabet and $704.86 for Amazon; 60% of initial share prices
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744CNB3
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