Published on 8/28/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million phoenix autocallables linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 27 – Barclays Bank plc priced $1 million of phoenix autocallable notes Aug. 26, 2021 linked to the least performing of the common stocks of O’Reilly Automotive, Inc., E-Trade Financial Corp. and Facebook 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 18.5% if each stock closes at or above its coupon barrier, 70% of its initial share price, on the observation date for that quarter.
Starting after six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its barrier level, 70% of its initial share price, in which case investors will be exposed to the decline of the worst-performing stock from its initial share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | O’Reilly Automotive, Inc., E-Trade Financial Corp. and Facebook Inc.
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Amount: | $1 million
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Maturity: | Aug. 26, 2021
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Coupon: | 18.5%, payable quarterly if each stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par unless least-performing stock finishes below barrier level, in which case 1% loss for each 1% decline of least-performing stock from initial share price
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Call: | Starting after six months, notes will be called automatically at par if each stock closes at or above initial share price on any quarterly observation date
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Initial share prices: | $377.34 for O’Reilly, $40.10 for E-Trade and $177.75 for Facebook
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Coupon barriers: | $264.14 for O’Reilly, $28.07 for E-Trade and $124.43 for Facebook, or 70% of initial share prices
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Barrier levels: | $264.14 for O’Reilly, $28.07 for E-Trade and $124.43 for Facebook, or 70% of initial share prices
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Pricing date: | Aug. 23
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Settlement date: | Aug. 26
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Agents: | Barclays
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Fees: | 1.75%
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Cusip: | 06741WFJ4
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