Published on 9/26/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.1 million phoenix autocallables tied to three stocks
By Susanna Moon
Chicago, Sept. 26 – Barclays Bank plc priced $2.1 million of phoenix autocallable notes due Sept. 25, 2019 linked to the least performing of the common stocks of Patterson-UTI Energy, Inc., Marathon Petroleum Corp. and Targa Resources Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 27% if each stock closes at or above its coupon barrier, 70% of its initial level, 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 quarterly observation date other than the final date.
The payout at maturity will be par unless any stock finishes below its 70% trigger level, in which case 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: | Patterson-UTI Energy, Inc. (Symbol: PTEN), Marathon Petroleum Corp. (Symbol: MPC) and Targa Resources Corp. (Symbol: TRGP)
|
Amount: | $2.1 million
|
Maturity: | Sept. 25, 2019
|
Coupon: | 27% per year, payable quarterly if each stock closes at or above 70% coupon barrier on observation date for that quarter
|
Price: | Par
|
Payout at maturity: | Par plus contingent coupon if each stock finishes at or above trigger level; otherwise, number of shares of worst performing stock – either 51.30836 Patterson-UTI shares, 18.37222 Marathon shares or 20.75550 Targa shares
|
Call: | At par plus contingent coupon if stocks close at or above initial levels on any quarterly observation date other than final date
|
Initial levels: | $19.49 for Patterson-UTI, $54.43 for Marathon and $48.18 for Targa
|
Trigger levels: | $13.64 for Patterson-UTI, $38.10 for Marathon and $33.73 for Targa; 70% of initial levels
|
Pricing date: | Sept. 20
|
Settlement date: | Sept. 27
|
Agent: | Barclays
|
Fees: | 2.25%
|
Cusip: | 06741WCZ1
|
|
|
© 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.