Published on 2/9/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $950,000 of phoenix autocallable notes on stocks, ETFs
By Kiku Steinfeld
Chicago, Feb. 10 – Barclays Bank plc priced $950,000 of phoenix autocallable notes due Feb. 2, 2023 linked to the least-performing of three stocks and two funds, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying assets are the SPDR S&P 500 exchange-traded fund, the Invesco QQQ Trust, series 1 and the American depositary shares of Petroleo Brasileiro SA, Banco Bradesco SA and Itau Unibanco Holding SA.
The notes will pay a contingent semiannual coupon at an annualized rate of 12% if each asset closes at or above the coupon barrier level – 65% of the initial price – on the related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above 85% of the initial price on any observation date after six months.
The payout at maturity will be par plus any final contingent coupon unless the least-performing asset finishes below its 55% final barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | SPDR S&P 500 ETF, Invesco QQQ Trust, series 1, Petroleo Brasileiro SA, Banco Bradesco SA and Itau Unibanco Holding SA
|
| Amount: | $950,000
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| Maturity: | Feb. 2, 2023
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| Coupon: | 12%, payable semiannually if each fund closes at or above barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any contingent coupon unless least-performing asset finishes below knock-in level, in which case 1% loss for each 1% decline of least-performing fund
|
| Call: | Automatically at par plus contingent coupon if each fund closes at or above 85% of initial price on any observation date after six months
|
| Initial levels: | $323.50 for S&P ETF, $218.10 for Invesco, $14.21 for Petrobras, $7.92 for Bradesco, $7.93 for Itau
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| Coupon barrier levels: | $210.28 for S&P ETF, $141.77 for Invesco, $9.24 for Petrobras, $5.15 for Bradesco, $5.15 for Itau; 65% of initial levels
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| Final barrier levels: | $177.93 for S&P ETF, $119.96 for Invesco, $7.82 for Petrobras, $4.36 for Bradesco, $4.36 for Itau; 55% of initial levels
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| Pricing date: | Jan. 27
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| Settlement date: | Feb. 4
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| Agents: | Barclays
|
| Fees: | 2.2%
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| Cusip: | 06747P4V8
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