Published on 3/6/2020 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.5 million phoenix autocallable notes on four stocks
By Sarah Lizee
Olympia, Wash., March 6 – Barclays Bank plc priced $3.5 million of phoenix autocallable notes due March 4, 2026 linked to the least performing of the common stocks of Microsoft Corp., Apple Inc., Intel Corp. and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 13.35% if each stock closes at or above its 70% coupon barrier on the observation date for that period.
After one year, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly observation date prior to maturity.
The payout at maturity will be par unless any stock finishes below its 70% buffer level, in which case investors will lose 1.4286% for every 1% decline of the worst performing stock beyond the buffer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Microsoft Corp., Apple Inc., Intel Corp. and Home Depot, Inc.
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| Amount: | $3.5 million
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| Maturity: | March 4, 2026
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| Coupon: | 13.35%, payable quarterly if each asset closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless least-performing asset finishes below buffer level, in which case investors will lose 1.4286% for every 1% decline of the worst performing stock beyond the buffer
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| Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any observation date after one year
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| Initial levels: | $158.18 for Microsoft, $273.52 for Apple, $55.83 for Intel and $224.73 for Home Depot
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| Coupon barriers: | $110.73 for Microsoft, $191.46 for Apple, $39.08 for Intel and $157.31 for Home Depot; 70% of initial levels
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| Trigger levels: | $110.73 for Microsoft, $191.46 for Apple, $39.08 for Intel and $157.31 for Home Depot; 70% of initial levels
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| Pricing date: | Feb. 27
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| Settlement date: | March 3
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| Agents: | Barclays
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| Fees: | 1%
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| Cusip: | 06747PEB1
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