Published on 3/15/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.8 million phoenix autocallables on Chevron, Exxon
New York, March 15 – Barclays Bank plc priced $1.8 million of phoenix autocallable notes due March 18, 2024 linked to the lesser performing of the common stocks of Chevron Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.15% if each stock closes at or above its coupon barrier – 60% of its initial level – on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on any observation date starting with September 2017 observation.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying stocks: | Chevron Corp. (Symbol: CVX), Exxon Mobil Corp. (Symbol: XOM)
|
| Amount: | $1.8 million
|
| Maturity: | March 18, 2024
|
| Coupon: | 8.15%, payable quarterly if each stock closes at or above 60% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock finishes below 60% barrier, in which case 1% loss for each 1% decline of worse performing index
|
| Call: | At par plus contingent coupon if each stock closes at or above initial price on any observation date starting in September 2017
|
| Initial levels: | $109.35 for Chevron, $81.42 for Exxon
|
| Barrier levels: | $65.61 for Chevron, $48.85 for Exxon, 60% of initial levels
|
| Pricing date: | March 13
|
| Settlement date: | March 16
|
| Agent: | Barclays
|
| Fees: | 2.85%
|
| Cusip: | 06741VNY4
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
