Published on 3/26/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $864,000 phoenix autocalls tied to Facebook, Vertex, Citi
By Wendy Van Sickle
Columbus, Ohio, March 26 – Barclays Bank plc priced $864,000 of phoenix autocallable notes due March 25, 2021 linked to the least performing of the common stocks of Facebook, Inc., Vertex Pharmaceuticals Inc. and Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.25% if each stock closes at or above its 60% coupon barrier on the related quarterly observation date.
The notes will be called at par if each stock closes at or above its initial price on any quarterly review date prior to maturity.
The payout at maturity will be par unless any stock finishes below its 50% barrier price, in which case investors will be fully exposed to the decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying asset: | Facebook, Inc., Vertex Pharmaceuticals Inc. and Citigroup Inc.
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| Amount: | $864,000
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| Maturity: | March 25, 2021
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| Coupon: | 14.25% annualized, payable quarterly if each stock closes at or above 60% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any asset falls by more than 50%, in which case 1% loss per 1% decline
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any review valuation date
|
| Initial levels: | $164.89 for Facebook, $166.10 for Vertex and $70.31 for Citigroup
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| Coupon barriers: | $98.93 for Facebook, $99.66 for Vertex and $42.19 for Citgroup; 60% of initial levels
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| Trigger levels: | $82.45 for Facebook, $83.05 for Vertex and $35.16 for Citgroup; 50% of initial levels
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| Pricing date: | March 22
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| Settlement date: | March 19
|
| Agent: | Barclays
|
| Fees: | 2.4%
|
| Cusip: | 06741WED8
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