Published on 7/3/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.64 million 10.25% phoenix autocalls tied to three stocks
By Susanna Moon
Chicago, July 3 – Barclays Bank plc priced $1.64 million of phoenix autocallable notes due June 29, 2020 linked to the least performing of the common stocks of Viacom Inc., Applied Materials, Inc. and MGM Resorts International, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10.25% if each underlying asset closes at or above its 50% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its 95% call level on any call valuation date after six months.
The payout at maturity will be par unless any underlying asset finishes below its 50% trigger level, in which case investors will be exposed to any losses 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 assets: | Viacom Inc. (Symbol: VIAB), Applied Materials, Inc. (Symbol: AMAT) and MGM Resorts International (Symbol: MGM)
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| Amount: | $1,635,000
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| Maturity: | June 29, 2020
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| Coupon: | 10.25% annualized, payable monthly if each asset 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 asset finishes below 50% trigger, in which case 1% loss per 1% decline of the worst performing stock
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| Call: | At par plus contingent coupon if each asset closes at or above 95% call level on any quarterly call valuation date beginning in December
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| Initial levels: | $29.69 for Viacom, $46.67 for Applied and $29.16 for MGM
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| Call levels: | $28.21 for Viacom, $44.34 for Applied and $27.70 for MGM, 95% of initial levels
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| Trigger levels: | $14.85 for Viacom, $23.34 for Applied and $14.58 for MGM, 50% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06746XE82
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