Published on 6/26/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.5 million phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 26 – Barclays Bank plc priced $1.5 million of phoenix autocallable notes due June 22, 2023 linked to the least performing of the common stocks of Amazon.com, Inc., CVS Health Corp. and Amgen 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 12% if each stock closes at or above its 60% coupon barrier on a related observation date.
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 after six months.
The payout at maturity will be par plus the coupon, unless any stock finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline 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 stocks: | Amazon.com, Inc., CVS Health Corp. and Amgen Inc.
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| Amount: | $1,499,000
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| Maturity: | June 22, 2023
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| Coupon: | 12% annualized, payable quarterly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the 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 after six months
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| Initial level: | $2,675.01 for Amazon.com, $64.49 for CVS Health, $238.70 for Amgen
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| Coupon barriers: | $1,605.01 for Amazon.com, $38.69 for CVS Health, $143.22 for Amgen; 60% of initial levels
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| Final barriers: | $1,605.01 for Amazon.com, $38.69 for CVS Health, $143.22 for Amgen; 60% of initial levels
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| Pricing date: | June 19
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| Settlement date: | June 24
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| Agent: | Barclays
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| Fees: | 1.95%
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| Cusip: | 06747Q2E6
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