Published on 7/3/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.28 million 8% phoenix autocalls on three bank stocks
By Susanna Moon
Chicago, July 3 – Barclays Bank plc priced $1.28 million of phoenix autocallable notes due July 6, 2020 linked to the least performing of the common stocks of Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8% if each underlying asset closes at or above its 70% 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 initial level on any call valuation date other than the final date.
The payout at maturity will be par unless any underlying asset finishes below its 65% 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: | Bank of America Corp. (Symbol: BAC), JPMorgan Chase & Co. (Symbol: JPM) and Wells Fargo & Co. (Symbol: WFC)
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| Amount: | $1.28 million
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| Maturity: | July 6, 2020
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| Coupon: | 8% annualized, payable monthly if each asset closes at or above 70% 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 65% 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 initial level on any quarterly call valuation date other than final date
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| Initial levels: | $28.54 for BofA, $104.86 for JPMorgan and $53.43 for Wells
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| Coupon barriers: | $19.98 for BofA, $73.40 for JPMorgan and $37.40 for Wells, 70% of initial levels
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| Trigger levels: | $18.55 for BofA, $68.16 for JPMorgan and $34.73 for Wells, 65% 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: | 2.51%
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| Cusip: | 06741WEF3
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