Published on 7/20/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million phoenix autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 20 – Barclays Bank plc priced $1 million of phoenix autocallable notes due July 17, 2025 linked to the least performing of the common stocks of Alibaba Group Holding Ltd., Uber Technologies, Inc. and Microsoft 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 19% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus any coupon, unless any stock finishes below 50% of its initial value, in which case investors will lose 1% for each 1% 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: | Alibaba Group Holding Ltd., Uber Technologies, Inc. and Microsoft Corp.
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| Amount: | $1 million
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| Maturity: | July 17, 2025
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| Coupon: | 19% annualized, payable quarterly 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 plus any coupon unless any stock finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any monthly call observation date after six months
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| Initial level: | $248.58 for Alibaba, $30.93 for Uber, $208.35 for Microsoft
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| Coupon barriers: | $149.15 for Alibaba, $18.56 for Uber, $125.01 for Microsoft; 60% of initial levels
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| Final barriers: | $124.29 for Alibaba, $15.47 for Uber, $104.18 for Microsoft; 50% of initial levels
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| Pricing date: | July 14
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| Settlement date: | July 17
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06747QAJ6
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