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Barclays plans buffered phoenix autocallables linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 11 – Barclays Bank plc plans to price buffered phoenix autocallable notes due Jan. 22, 2021 linked to the least performing of the common stock of Microsoft Corp., the class A common stock of Facebook, Inc. and the common stock of Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 14% if each stock closes at or above its 70% coupon barrier on the observation date for that quarter.
After six months, 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 prior to maturity.
The payout at maturity will be par unless any stock falls by more than 20%, in which case investors will be exposed to declines of the worst performing stock beyond 20%.
Barclays is the agent.
The notes will price on Jan. 16.
The Cusip number is 06744CSE2.
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