Published on 6/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.06 million phoenix autocallables on four stocks
By Sarah Lizee
Olympia, Wash., June 3 – Barclays Bank plc priced $8.06 million of phoenix autocallable notes due May 31, 2022 linked to the least performing of the common stocks of Delta Air Lines, Inc., Home Depot, Inc., Intel Corp. and Microsoft Corp., 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 11.25% if each stock closes at or above its 60% coupon barrier on the observation date for that period.
Starting after three months, the notes will be called at par plus the contingent coupon if each stock closes at or above 95% of its initial level on any quarterly observation date prior to maturity.
The payout at maturity will be par plus any coupon unless any stock finishes below its 60% barrier, in which case investors will be fully exposed to the decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stocks: | Delta Air Lines, Inc., Home Depot, Inc., Intel Corp. and Microsoft Corp.
|
| Amount: | $8,059,000
|
| Maturity: | May 31, 2022
|
| Coupon: | 11.25%, payable quarterly if each asset closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing asset
|
| Call: | Starting after three months, the notes will be called at par plus the contingent coupon if each stock closes at or above 95% of its initial level on any quarterly observation date prior to maturity
|
| Initial levels: | $53.88 for Delta, $191.55 for Home Depot, $43.57 for Intel, $126.16 for Microsoft
|
| Call levels: | $51.19 for Delta, $181.97 for Home Depot, $41.39 for Intel, $119.85 for Microsoft; 95% of initial levels
|
| Coupon barriers: | $32.33 for Delta, $114.93 for Home Depot, $26.14 for Intel, $75.70 for Microsoft, 60% of initial values
|
| Barrier levels: | $32.33 for Delta, $114.93 for Home Depot, $26.14 for Intel, $75.70 for Microsoft, 60% of initial values
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Agents: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06747MSU1
|
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