Published on 5/3/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.4 million phoenix autocallables on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 3 – Barclays Bank plc priced $6.4 million of phoenix autocallable notes due April 28, 2022 linked to the least performing of the common stocks of Citigroup Inc., CVS Health Corp. and 3M Co., 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 12% if each stock closes at or above its 60% coupon barrier on the observation date for that period.
Starting after three months, the notes will be called at par plus the contingent coupon if each stock closes at or above 95% 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.
If the final value is below the barrier value, the payout will either be in cash or, at the election of the issuer, a number of shares of the least performing stock equal to the price of the notes divided by the initial value plus cash equal to the fractional share amount.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Citigroup Inc., CVS Health Corp. and 3M Co.
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Amount: | $6,398,000
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Maturity: | April 28, 2022
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Coupon: | 12%, payable monthly 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 payable in shares or cash
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Call: | Starting after three months, the notes will be called at par plus the contingent coupon if each stock closes at or above 95% of its initial level on any observation date prior to maturity
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Initial levels: | $68.73 for Citi, $53.23 for CVS, $190.72 for 3M
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Coupon barriers: | $41.24 for Citi, $31.94 for CVS, $114.43 for 3M, 60% of initial values
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Barrier levels: | $41.24 for Citi, $31.94 for CVS, $114.43 for 3M, 60% of initial values
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Pricing date: | April 25
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Settlement date: | April 30
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Agents: | Barclays
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Fees: | 3.5%
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Cusip: | 06747MMZ6
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