By Tali Rackner
Minneapolis, Aug. 17 – Barclays Bank plc priced $2.4 million of phoenix autocallable notes due Aug. 20, 2020 linked to the least performing of the common stocks of JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at a rate of 10% per year if each stock closes at or above its barrier price, 70% of its initial share price, on the related quarterly observation date.
Beginning Feb. 15, 2018, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly determination date.
If the notes are not called, the payout at maturity will be par unless any stock finishes below its 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: | JPMorgan Chase & Co. (Symbol: JPM), Wells Fargo & Co. (Symbol: WFC) and Bank of America Corp. (Symbol: BAC)
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| Amount: | $2.4 million
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| Maturity: | Aug. 20, 2020
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| Coupon: | 10% 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 beginning Feb. 15, 2018
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| Initial levels: | $92.73 for JPMorgan, $52.85 for Wells Fargo and $24.47 for Bank of America
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| Barrier levels: | $64.91 for JPMorgan, $37 for Wells Fargo and $17.13 for Bank of America; 70% of initial levels
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 18
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| Agent: | Barclays
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| Fees: | 2.35%
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| Cusip: | 06744CGU9
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