Published on 12/20/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $813,000 two-year phoenix autocallables tied to four stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 20 – Barclays Bank plc priced $813,000 of phoenix autocallable notes due Dec. 19, 2019 linked to the least performing of the common stocks of Merck & Co., Inc., Gilead Sciences, Inc., Celgene Corp. and Cardinal Health, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 16.35% if each stock closes at or above its 70% coupon barrier 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 level on any observation date other than the final date.
The payout at maturity will be par unless any stock finishes below its 70% barrier level, in which case investors will be fully exposed to any losses to 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: | Merck & Co., Inc., Gilead Sciences, Inc., Celgene Corp. and Cardinal Health, Inc.
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Amount: | $813,000
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Maturity: | Dec. 19, 2019
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Coupon: | 16.35% annualized, payable quarterly if each stock closes at or above 70% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless any stock finishes 70% barrier, in which case 1% loss for each 1% decline of worst performing stock
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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: | $109.41 for Celgene, $75.57 for Gilead, $56.24 for Merck and $63.19 for Cardinal
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Barrier levels: | $76.59 for Celgene, $52.90 for Gilead, $39.37 for Merck and $44.23 for Cardinal; 70% of initial levels
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Pricing date: | Dec. 15
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Settlement date: | Dec. 20
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Agent: | Barclays
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Fees: | 2.35%
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Cusip: | 06744CPG0
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