Published on 6/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.37 million phoenix autocallable notes on three stocks
By Marisa Wong
Morgantown, W.Va., June 6 – Barclays Bank plc priced $1.37 million of phoenix autocallable notes due May 29, 2020 linked to the least performing of the common stocks of Ford Motor Co., Southwest Airlines Co. and eBay Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at a rate of 9% per year if each stock closes at or above its barrier price, 50% of its initial price, on the related monthly observation date.
Beginning in August, the notes will be called at par if each stock closes at or above its initial level on any quarterly determination date other than the final one.
The payout at maturity will be par unless any stock finishes below its 50% barrier level, in which case investors will lose 1% for each 1% decline 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 stocks: | Ford Motor Co. (Symbol: F), Southwest Airlines Co. (Symbol: LUV), eBay Inc. (Symbol: EBAY)
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| Amount: | $1,373,000
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| Maturity: | May 29, 2020
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| Coupon: | 9%, payable monthly if each stock closes at or above its barrier price on related monthly observation date
|
| Price: | Par of $1,000
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| Payout at maturity: | Par unless any stock finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
|
| Call: | Beginning in August, at par if each stock closes at or above its initial level on any quarterly determination date other than the final one
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| Initial prices: | $10.86 for Ford, $60.92 for Southwest, $35.22 for eBay
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| Barrier prices: | $5.43 for Ford, $30.46 for Southwest, $17.61 for eBay; 50% of initial prices
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| Pricing date: | May 25
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| Settlement date: | May 31
|
| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06741VT51
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