Published on 12/9/2016 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $828,000 two-year phoenix autocallables tied to stocks
By Susanna Moon
Chicago, Dec. 9 – Barclays Bank plc priced $828,000 of phoenix autocallable notes due Nov. 30, 2018 linked to the least performing of the common stocks of CBS Corp., Netflix, Inc. and Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.25% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly observation date from February 2017 until August 2018.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its 50% barrier level, in which case investors will be fully 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 stocks: | CBS Corp. (Symbol: CBS), Netflix, Inc. (Symbol: NFLX) and Starbucks Corp. (Symbol: SBUX)
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| Amount: | $828,000
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| Maturity: | Nov. 30, 2018
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| Coupon: | 9.25% per year, payable monthly if each stock closes at or above 50% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless any stock finishes below its 50% barrier level, in which case full exposure to any losses of worst performing stock
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| Call: | At par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call date from February 2017 to August 2018
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| Initial levels: | $60.49 for CBS, $116.93 for Netflix and $57.59 for Starbucks
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| Barrier levels: | $30.25 for CBS, $58.47 for Netflix and $28.80 for Starbucks; 50% of initial levels
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| Pricing date: | Nov. 28
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| Settlement date: | Nov. 30
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06741VDN9
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