Published on 5/27/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $522,000 phoenix autocallable notes on two stocks
By Wendy Van Sickle
Columbus, Ohio, May 27 – Barclays Bank plc priced $522,000 of phoenix autocallable notes due May 25, 2023 linked to the least performing of the common stocks of Applied Materials, Inc. and Broadcom 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 12.35% if each stock closes at or above its 70% 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.
The payout at maturity will be par plus the coupon, unless any stock finishes below 70% 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
|
| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Applied Materials, Inc. and Broadcom Inc.
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| Amount: | $522,000
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| Maturity: | May 25, 2023
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| Coupon: | 12.35% 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
|
| Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date
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| Initial level: | $52.04 for Applied, $260.41 for Broadcom
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| Coupon/final barriers: | $36.43 for Applied, $182.29 for Broadcom; 70% of initial levels
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| Pricing date: | May 20
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| Settlement date: | May 26
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| Agent: | Barclays
|
| Fees: | 2.8%
|
| Cusip: | 06747PUQ0
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