Published on 1/22/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $845,000 buffered phoenix autocalls tied to three stocks
By Susanna Moon
Chicago, Jan. 22 – Barclays Bank plc priced $845,000 of buffered phoenix autocallable notes due Jan. 22, 2021 linked to the least performing of the class A common stock of Facebook, Inc. and the common stocks of Micron Technology Inc. and Microsoft 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 14.5% if each stock closes at or above its 70% coupon barrier 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 observation date other than the final date.
The payout at maturity will be par unless any stock falls by more than 20%, in which case investors will be exposed to any losses of the worst performing stock beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered phoenix autocallable notes
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| Underlying stocks: | Facebook, Inc. (Symbol: FB), Micron Technology Inc. (Symbol: MU) and Microsoft Corp. (Symbol: MSFT)
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| Amount: | $845,000
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| Maturity: | Jan. 22, 2021
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| Coupon: | 14.5% annualized, 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 any stock falls by more than 20%, in which case exposure to any losses of worst performing stock beyond 20%
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date other than final date beginning with the second date
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| Initial levels: | $178.39 for Facebook, $42.92 for Micron and $88.35 for Microsoft
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| Coupon barriers: | $124.87 for Facebook, $30.04 for Micron and $61.85 for Microsoft; 70% of initial levels
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| Pricing date: | Jan. 16
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| Settlement date: | Jan. 19
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744CSE2
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