Published on 1/25/2019 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.32 million 27.25% phoenix autocalls on three stocks
By Susanna Moon
Chicago, Jan. 25 – Barclays Bank plc priced $2.32 million of phoenix autocallable notes due Jan. 22, 2021 linked to the least performing of the common stocks of Goldman Sachs Group Inc., Marathon Petroleum Corp. and WPX Energy, 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 27.25% if each underlying asset 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 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 70% 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: | Goldman Sachs Group Inc. (Symbol: GS), Marathon Petroleum Corp. (Symbol: MPC) and WPX Energy, Inc. (Symbol: WPX)
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| Amount: | $2,315,000
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| Maturity: | Jan. 22, 2021
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| Coupon: | 27.25% annualized, payable quarterly if each asset 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 asset finishes below 70% trigger, in which case a number of shares of the worst performing stock equal to 4.9373 Goldman shares, 15.1309 Marathon shares and 76.3942 WPX shares
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any valuation date other than final date beginning with second date
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| Initial levels: | $202.54 for Goldman, $66.09 for Marathon and $13.09 for WPX
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| Trigger levels: | $141.78 for Goldman, $46.26 for Marathon and $9.16 for WPX, 70% of initial levels
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| Pricing date: | Jan. 18
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| Settlement date: | Jan. 25
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| Agent: | Barclays
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| Fees: | 2.25%
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| Cusip: | 06741WEQ9
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