Published on 4/9/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 phoenix autocalls on Nike, Advance Auto, Southwest Airlines
By Tali Rackner
Minneapolis, April 9 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due April 9, 2021 linked to the class B common stock of Nike, Inc. and the common stocks of Advance Auto Parts, Inc. and Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if each underlying stock closes at or above its 50% coupon barrier on the observation date for that month.
The notes will be called automatically at par plus the contingent coupon if each stock closes at or above its initial price on any quarterly call valuation date.
The payout at maturity will be par unless any underlying stock finishes below its 50% barrier price, in which case investors lose 1% for each 1% decline of the least-performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Nike, Inc. (Symbol: NKE), Advance Auto Parts, Inc. (Symbol: AAP) and Southwest Airlines Co. (Symbol: LUV)
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| Amount: | $500,000
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| Maturity: | April 9, 2021
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| Coupon: | 11% annualized, payable monthly if each stock closes at or above 50% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below 50% barrier price, in which case 1% loss per 1% decline of least-performing stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial price on any quarterly call valuation date
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| Initial prices: | $68.42 for Nike, $114.47 for Advance Auto and $56.36 for Southwest
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| Barrier prices: | $34.21 for Nike, $57.24 for Advance Auto and $28.18 for Southwest; 50% of initial levels
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| Pricing date: | April 4
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| Settlement date: | April 9
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| Agent: | Barclays
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| Fees: | 3.65%
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| Cusip: | 06746X3K7
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