Published on 2/6/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.81 million 13.5% rate phoenix autocalls tied to stocks
By Susanna Moon
Chicago, Feb. 6 – Barclays Bank plc priced $2.81 million of phoenix autocallable notes due July 30, 2020 linked to the lesser performing of the common stocks of International Business Machines Corp., General Electric Co. and Apple 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 13.5% if each stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above initial level on any call observation date.
The payout at maturity will be par unless any stock finishes below its 70% trigger level, in which case investors will be fully exposed to any losses 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 assets: | International Business Machines Corp. (Symbol: IBM), General Electric Co. (Symbol: GE) and Apple Inc. (Symbol: AAPL)
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| Amount: | $2,812,000
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| Maturity: | July 30, 2020
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| Coupon: | 13.5% annualized, payable quarterly if each stock closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below 70% trigger, in which case 1% loss per 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date other than final date
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| Initial levels: | $167.34 for IBM, $16.13 for GE, $171.51 for Apple
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| Barrier levels: | $117.14 for IBM, $11.29 for GE, $120.06 for Apple, 70% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744CSU6
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