Published on 10/26/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $633,000 14.5% buffered phoenix autocalls on stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Barclays Bank plc priced $633,000 of buffered phoenix autocallable notes due Oct. 24, 2022 linked to the least performing of the common stocks of Bank of America Corp., Micron Technology, Inc., Facebook, Inc. and Merck & Co., 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 14.5% 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 falls by more than 20%, in which case investors will be exposed to any losses of the worst performing stock beyond the buffer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered Phoenix autocallable notes
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| Underlying assets: | Bank of America Corp. (Symbol: BAC), Micron Technology, Inc. (Symbol: MU), Facebook, Inc. (Symbol: FB) and Merck & Co., Inc. (Symbol: MRK)
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| Amount: | $633,000
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| Maturity: | Oct. 24, 2022
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| Coupon: | 14.5% 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 unless any asset falls by more than 20%, in which case 1% loss per 1% decline of the worst performing stock beyond 20%
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any observation date other than the final date beginning with the second date
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| Initial levels: | $28.32 for BofA, $40.45 for Micron, $154.05 for Facebook and $72.35 for Merck
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| Coupon barriers: | $16.99 for BofA, $24.27 for Micron, $92.43 for Facebook and $43.41 for Merck, 60% of initial levels
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 24
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06746XUX9
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