Published on 4/10/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.4 million phoenix autocallables on three stocks
By Marisa Wong
Morgantown, W.Va., April 10 – Barclays Bank plc priced $4.4 million of phoenix autocallable notes due April 2, 2019 linked to the least performing of the common stocks of Humana Inc., General Motors Co. and United Rentals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 11.5% per year if each stock closes at or above its barrier price, 50% of its initial price, on the observation date for that month. Otherwise, no coupon will be paid for that month.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date.
If each stock finishes at or above its 50% barrier price, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stocks: | Humana Inc. (Symbol: HUM), General Motors Co. (Symbol: GM) and United Rentals, Inc. (Symbol: URI)
|
| Amount: | $4,401,000
|
| Maturity: | April 2, 2019
|
| Coupon: | 11.5% per year, payable each month that stocks all close above barrier level on observation date for month
|
| Price: | Par
|
| Payout at maturity: | Par if each stock finishes at or above barrier level, otherwise, full exposure to decline of the worst performing stock
|
| Call: | Automatically at par if each stock closes at or above its initial level on any quarterly call observation date
|
| Initial prices: | $206.63 for Humana, $35.56 for GM, $123.24 for United Rentals
|
| Barrier levels: | $103.32 for Humana, $17.78 for GM, $61.62 for United Rentals; 50% of initial prices
|
| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Agent: | Barclays
|
| Fees: | 3%
|
| Cusip: | 06741VLK6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
