Published on 1/25/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.49 million 12% rate phoenix autocalls tied to stocks
By Susanna Moon
Chicago, Jan. 23 – Barclays Bank plc priced $1.49 million of phoenix autocallable notes due Jan. 22, 2021 linked to the least performing of the American Depositary Shares of Alibaba Group Holding Ltd., the common stock of General Electric Co. and the common units of Plains All American Pipeline, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if each stock closes at or above its 60% coupon barrier 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 call observation date.
The payout at maturity will be par unless any stock finishes below its 50% trigger 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 assets: | Alibaba Group Holding Ltd. (Symbol: BABA), General Electric Co. (Symbol: GE) and Plains All American Pipeline, LP (Symbol: PAA)
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Amount: | $1,485,000
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Maturity: | Jan. 22, 2021
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Coupon: | 12% annualized, payable monthly if each stock closes at or above 60% coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless any stock finishes below 50% trigger, in which case
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Call: | At par plus contingent coupon if each stock closes at or above initial level on any observation date other than final date
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Initial levels: | $184.05 for Alibaba, $16.26 for GE and $22.49 for Plains
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Coupon barriers: | $110.43 for Alibaba, $9.76 for GE and $13.49 for Plains, 60% of initial level
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Trigger levels: | $92.03 for Alibaba, $8.13 for GE and $11.25 for Plains, 50% of initial level
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Pricing date: | Jan. 19
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Settlement date: | Jan. 26
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Agent: | Barclays
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Fees: | 2.4%
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Cusip: | 06744CSP7
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