Published on 1/18/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.65 million 10% two-year autocalls on four airlines
By Susanna Moon
Chicago, Jan. 18 – Barclays Bank plc priced $6.65 million of 10% autocallable notes due Jan. 16, 2020 linked to the least performing of the common stocks of Southwest Airlines Co., Delta Air Lines, Inc., Jetblue Airways Corp. and United Continental Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any valuation date.
The payout at maturity will be par unless any stock finishes below its 61% 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: | Autocallable notes
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Underlying stocks: | Southwest Airlines Co. (Symbol: LUV), Delta Air Lines, Inc. (Symbol: DAL), Jetblue Airways Corp. (Symbol: JBLU) and United Continental Holdings, Inc. (Symbol: UAL)
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Amount: | $6.65 million
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Maturity: | Jan. 16, 2020
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Coupon: | 10% annualized, payable monthly
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Price: | Par
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Payout at maturity: | Par unless any stock finishes 61% barrier, in which case 15.29988 Southwest shares, 16.71402 Delta shares, 43.61099 Jetblue shares or 12.7551 United shares, whichever is worst performing
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly valuation date
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Initial levels: | $65.36 for Southwest, $59.83 for Delta, $22.93 for Jetblue and $78.40 for United Continental
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Barrier levels: | $39.87 for Southwest, $36.50 for Delta, $13.99 for Jetblue and $47.82 for United Continental, 61% of initial levels
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Pricing date: | Jan. 12
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Settlement date: | Jan. 18
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06741WDP2
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