Published on 3/21/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $540,000 8% phoenix autocalls tied to three stocks
By Susanna Moon
Chicago, March 21 – Barclays Bank plc priced $540,000 of buffered phoenix autocallable notes due March 19, 2020 linked to 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 8% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any call valuation date.
The payout at maturity will be par unless any underlying asset falls by more than 35%, in which case investors will be fully exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered phoenix autocallable notes
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Underlying asset: | Visa Inc. (Symbol: V), Mastercard Inc. (Symbol: MA) and American Express Co. (Symbol: AXP)
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Amount: | $540,000
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Maturity: | March 19, 2020
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Coupon: | 8% annualized, payable quarterly if each stock closes at or above 65% 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 falls by more than 35%, in which case 1% loss per 1% decline
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any call valuation date other than the final date
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Initial levels: | $124.24 for Visa, $182.54 for Mastercard and $97.67 for AmEx
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Trigger levels: | $80.76 for Visa, $118.65 for Mastercard and $63.49 for AmEx; 65% of initial levels
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Pricing date: | March 12
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Settlement date: | March 19
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Agent: | Barclays
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Fees: | 2.5%
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Cusip: | 06741WEA4
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