Published on 10/25/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.7 million phoenix autocallables linked to three stocks
By Susanna Moon
Chicago, Oct. 25 – Barclays Bank plc priced $1.7 million of phoenix autocallable notes due Oct. 22, 2020 linked to the lesser performing of the common stocks of General Electric Co., United Technologies Corp. and Honeywell International, 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 8.85% 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 its initial level on any observation date other than the final date.
The payout at maturity will be par unless any stock finishes below its 70% barrier level, in which case investors will be fully exposed to any losses to 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: | General Electric Co. (Symbol: GE), United Technologies Corp. (Symbol: UTX) and Honeywell International, Inc. (Symbol: HON)
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| Amount: | $1.7 million
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| Maturity: | Oct. 22, 2020
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| Coupon: | 8.85% per year, 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 70% barrier, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each fund closes at or above initial level on any review date other than final date
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| Initial levels: | $23.12 for GE, $119.18 for United Technologies and $143.44 for Honeywell
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| Barrier levels: | $16.18 for GE, $83.43 for United Technologies and $100.41 for Honeywell, 65% of initial levels
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 23
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06744CE98
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