Published on 6/18/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.37 million phoenix autocallable notes on two stocks
By Devika Patel
Knoxville, Tenn., June 18 – Barclays Bank plc priced $2,373,000 of phoenix autocallable notes due June 19, 2025 linked to the least performing of the common stocks of Verizon Communications Inc. and AT&T Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 8.5% per year if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related quarterly observation date.
The notes will be called at par if each stock closes at or above its initial price on any quarterly determination date other than the final one beginning on Sept. 14.
The payout at maturity will be par unless either stock finishes below its 60% barrier 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
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Verizon Communications Inc. (Symbol: VZ) and AT&T Corp. (Symbol: T)
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| Amount: | $2,373,000
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| Maturity: | June 19, 2025
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| Coupon: | 8.5%, payable quarterly if each stock closes at or above its barrier price on related quarterly observation date
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either stock finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
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| Call: | At par if each stock closes at or above its initial price on any quarterly determination date other than the final one beginning Sept. 14
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| Initial prices: | $47.82 for Verizon, $32.52 for AT&T
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| Barrier prices: | $28.69 for Verizon, $19.51 for AT&T; 60% of initial prices
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| Pricing date: | June 14
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| Settlement date: | June 18
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| Agent: | Barclays
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| Fees: | 3.35%
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| Cusip: | 06746XEE9
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