Published on 11/6/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.83 million phoenix autocallables tied to three stocks
By Susanna Moon
Chicago, Nov. 6 – Barclays Bank plc priced $2.83 million of phoenix autocallable notes due Oct. 30, 2020 linked to the least performing of the common stocks of Goodyear Tire & Rubber Co., Qualcomm Inc. and American Airlines Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.75% if each stock closes at or above its 50% 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 observation date.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Goodyear Tire & Rubber Co. (Symbol: GT), Qualcomm Inc. (Symbol: QCOM) and American Airlines Group, Inc. (Symbol: AAL)
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| Amount: | $2,829,000
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| Maturity: | Oct. 30, 2020
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| Coupon: | 9.75% per year, payable monthly if each stock closes at or above 50% 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 50% 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 fund closes at or above initial level on any quarterly review date from January through July 2020
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| Initial levels: | $33.67 for Goodyear, $53.80 for Qualcomm and $48.61 for American
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| Barrier levels: | $16.84 for Goodyear, $26.90 for Qualcomm and $24.31 for American; 50% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744C6J5
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