Published on 11/14/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallables linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Barclays Bank plc priced $500,000 of phoenix autocallable notes Nov. 12, 2021 linked to the least performing of the common stocks of Ball Corp., General Electric Co. and Raytheon 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 13% if each stock closes at or above its coupon barrier, 60% of its initial share price, on the observation date for that month.
Starting after six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly call date.
The payout at maturity will be par unless any stock finishes below its barrier level, 60% of its initial share price, in which case investors will be exposed to the decline of the worst-performing stock from its initial share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stocks: | Ball Corp., General Electric Co. and Raytheon Co.
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Amount: | $500,000
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Maturity: | Nov. 12, 2021
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Coupon: | 13%, payable monthly 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 unless least-performing stock finishes below barrier level, in which case 1% loss for each 1% decline of least-performing stock from initial share price
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Call: | Starting after six months, notes will be called automatically at par if each stock closes at or above 95% of initial share price on any quarterly call date
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Initial share prices: | $65.07 for Ball, $11.29 General Electric and $215.00 for Raytheon
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Coupon barriers: | $39.04 for Ball, $6.77 for General Electric and $129.00 for Raytheon, or 60% of initial share prices
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Barrier levels: | $39.04 for Ball, $6.77 for General Electric and $129.00 for Raytheon, or 60% of initial share prices
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Pricing date: | Nov. 7
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Settlement date: | Nov. 13
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Agents: | Barclays
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Fees: | 3%
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Cusip: | 06747NQY3
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