Published on 8/30/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.92 million phoenix autocallables linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Barclays Bank plc priced $1.92 million of phoenix autocallable notes Aug. 30, 2022 linked to the least performing of the common stocks of Morgan Stanley, Intel Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 11.75% if each stock closes at or above its coupon barrier, 60% of its initial share price, on the observation date for that month.
Starting after six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless any stock finishes below its barrier level, 60% of its initial share price, in which case investors will be exposed to the decline of the worst-performing stock from its initial share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Morgan Stanley, Intel Corp. and Walmart Inc.
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Amount: | $1,916,000
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Maturity: | Aug. 30, 2022
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Coupon: | 11.75%, payable monthly if each stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par unless least-performing stock finishes below barrier level, in which case 1% loss for each 1% decline of least-performing stock from initial share price
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Call: | Starting after six months, notes will be called automatically at par if each stock closes at or above initial share price on any quarterly call observation date
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Initial share prices: | $39.79 for Morgan Stanley, $45.79 for Intel and $1712.42 for Walmart
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Coupon barriers: | $23.87 for Morgan Stanley, $27.47 for Intel and $67.45 for Walmart or 60% of initial share prices
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Barrier levels: | $23.87 for Morgan Stanley, $27.47 for Intel and $67.45 for Walmart or 60% of initial share prices
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Pricing date: | Aug. 27
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Settlement date: | Aug. 30
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Agents: | Barclays
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Fees: | 3.5%
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Cusip: | 06747NAL8
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