Published on 7/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $400,000 phoenix autocallables linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, July 6 – Barclays Bank plc priced $400,000 of phoenix autocallable notes due June 30, 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.
Each month, the notes will pay a contingent coupon at a rate of 8.5% per year if each stock closes at or above its barrier price, 50% of its initial share price, on the related observation date.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly call observation date starting in September.
The payout at maturity will be par unless any stock finishes below its barrier level, in which case the payout will be par minus 1% for each 1% decline of the worst-performing stock or, at the issuer’s option, a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price of that 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., Southwest Airlines Co. and eBay Inc.
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| Amount: | $400,000
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| Maturity: | June 30, 2020
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| Coupon: | 8.5% per year, payable monthly if each stock closes at or above barrier price on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier price, in which case either par minus 1% for each 1% decline of worst-performing stock or, at issuer’s option, number of shares of worst-performing stock equal to $1,000 divided by initial share price of that stock
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly call observation date starting in September
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| Initial share price: | $11.18 for Ford, $61.75 for Southwest and $35.09 for eBay
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| Barrier prices: | $5.59 for Ford, $30.88 for Southwest and $17.55 for eBay; 50% of initial prices
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Barclays
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| Fees: | 2.25%
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| Cusip: | 06741VZ47
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