Published on 5/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $520,000 15% phoenix autocalls tied to three tech stocks
By Susanna Moon
Chicago, May 23 – Barclays Bank plc priced $520,000 of phoenix autocallable notes due May 14, 2020 linked to the least performing of the American depositary shares of Alibaba Group Holding Ltd. and the common stocks of Facebook, Inc. and Netflix, 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 15% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any call valuation date other than the final date beginning with the second date.
The payout at maturity will be par unless any underlying asset finishes below its 60% trigger level, in which case investors will be exposed to any losses of 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 assets: | Alibaba Group Holding Ltd. (Symbol: BABA), Facebook, Inc. (Symbol: FB) and Netflix, Inc. (Symbol: NFLX)
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| Amount: | $520,000
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| Maturity: | May 14, 2020
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| Coupon: | 15% annualized, payable quarterly if each asset closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any asset finishes below 60% trigger, in which case 1% loss per 1% decline of the worst performing stock
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than the final date beginning with the second date
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| Initial levels: | $194.36 for Alibaba, $186.99 for Facebook and $326.46 for Netflix
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| Trigger levels: | $116.62 for Alibaba, $112.19 for Facebook and $195.88 for Netflix, 60% of initial levels
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| Pricing date: | May 11
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| Settlement date: | May 18
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06746XBX0
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