Published on 8/14/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $730,000 phoenix autocallables tied to credit card stocks
By Susanna Moon
Chicago, Aug. 14 – Barclays Bank plc priced $730,000 of phoenix autocallable notes due Aug. 14, 2019 linked to the least performing of the common stocks of Visa Inc., Mastercard Inc. and American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each stock closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par if each underlying stock closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless any underlying asset finishes below its 65% 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 assets: | Visa Inc. (Symbol: V), Mastercard Inc. (Symbol: MA) and American Express Co. (Symbol: AXP)
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| Amount: | $730,000
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| Maturity: | Aug. 14, 2019
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| Coupon: | 7% per year, payable quarterly if each stock closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below 65% barrier level, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par if each underlying asset closes at or above its initial level on any quarterly observation date
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| Initial levels: | $101.49 for Visa, $130.38 for Mastercard and $85.85 for American Express
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| Barrier levels: | $65.97 for Visa, $84.75 for Mastercard and $55.80 for American Express; 65% of initial levels
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| Pricing date: | Aug. 7
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| Settlement date: | Aug. 14
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| Agent: | Barclays
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| Fees: | 1.1%
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| Cusip: | 06741WCS7
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