Published on 1/9/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $600,000 phoenix autocallables on four stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Barclays Bank plc priced $600,000 of phoenix autocallable notes due Jan. 6, 2023 linked to the least performing of the American Depository shares of Vale SA, Petroleo Brasileiro SA, Banco Bradesco SA and Itau Unibanco Holding SA, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes will pay a contingent coupon at an annual rate of 18.05% if each stock closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above 85% of its initial level on any observation date prior to maturity.
The payout at maturity will be par plus any coupon unless any stock finishes below its 60% barrier, in which case investors will be fully exposed to the 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 stocks: | Vale SA, Petroleo Brasileiro SA, Inc., Banco Bradesco SA and Itau Unibanco Holding SA
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Amount: | $600,000
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Maturity: | Jan. 6, 2023
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Coupon: | 18.05%, payable semiannually if each asset closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes below barrier level, in which case 1% loss for each 1% decline of least-performing asset
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Call: | The notes will be called at par plus the contingent coupon if each stock closes at or above 85% of its initial level on any observation date prior to maturity
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Initial levels: | $13.45 for Vale, $16.27 for Petrobras, $9.23 for Banco Bradesco, $9.38 for Itau
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Call levels: | $11.43 for Vale, $13.83 for Petrobras, $7.85 for Banco Bradesco, $7.97 for Itau; 85% of initial levels
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Coupon barriers: | $9.42 for Vale, $11.39 for Petrobras, $6.46 for Banco Bradesco, $6.57 for Itau, 70% of initial values
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Barrier levels: | $8.07 for Vale, $9.76 for Petrobras, $5.54 for Banco Bradesco, $5.63 for Itau, 60% of initial values
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Pricing date: | Jan. 3
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Settlement date: | Jan. 8
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Agents: | Barclays
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Fees: | 1.5%
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Cusip: | 06747NZN7
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