Published on 7/28/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.2 million phoenix autocallable notes linked to stocks
By Susanna Moon
Chicago, July 28 – Barclays Bank plc priced $1.2 million of phoenix autocallable notes due July 25, 2019 linked to the least performing of the common stocks of Continental Resources, Inc., Bank of the Ozarks, Inc. and Finisar 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 24.5% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any stock finishes below its 60% barrier level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the 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: | Continental Resources, Inc. (Symbol: CLR), Bank of the Ozarks, Inc. (Symbol: OZRK) and Finisar Corp. (Symbol: FNSR)
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| Amount: | $1.2 million
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| Maturity: | July 25, 2019
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| Coupon: | 24.5% per year, payable quarterly if each stock 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 stock finishes below barrier level, in which case number of shares of worst performing stock – 31.83699 Continental shares, 21.37666 Bank of the Ozarks shares or 36.79176 Finisar shares
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| Call: | At par if each stock closes at or above initial share price on any quarterly determination date
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| Initial levels: | $31.41 for Continental, $46.78 for Bank of the Ozarks and $27.18 for Finisar
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| Barrier levels: | $18.85 for Continental, $28.07 for Bank of the Ozarks and $16.31 for Finisar; 60% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 28
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| Agent: | Barclays
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| Fees: | 2.25%
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| Cusip: | 06741WCP3
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