Published on 5/23/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $701,000 17.5% phoenix autocalls tied to three stocks
By Susanna Moon
Chicago, May 23 – Barclays Bank plc priced $701,000 of phoenix autocallable notes due May 16, 2022 linked to the least performing of the American depositary shares of JD.com, Inc. and the common stocks of Intel Corp. and American Express Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 17.5% if each underlying asset closes at or above its 65% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any call valuation date after six months.
The payout at maturity will be par unless any underlying asset finishes below its 60% trigger level, in which case investors will be 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: | JD.com, Inc. (Symbol: JD), Intel Corp. (Symbol: INTC) and Qualcomm Inc. (Symbol: QCOM)
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| Amount: | $701,000
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| Maturity: | May 16, 2022
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| Coupon: | 17.5% annualized, payable monthly if each asset closes at or above 65% 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 asset finishes below 60% trigger, in which case 1% loss per 1% decline of the worst performing stock
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date from November 2018 through February 2022
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| Initial levels: | $36.95 for JD, $54.67 for Intel and $55.23 for Qualcomm
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| Coupon barriers: | $24.02 for JD, $35.54 for Intel and $35.90 for Qualcomm, 65% of initial levels
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| Trigger levels: | $22.17 for JD, $32.80 for Intel and $33.14 for Qualcomm, 60% of initial levels
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| Pricing date: | May 11
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| Settlement date: | May 18
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| Agent: | Barclays
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| Fees: | 2.65%
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| Cusip: | 06746XC35
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