Published on 5/30/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.2 million 14.25% phoenix autocalls tied to four stocks
By Susanna Moon
Chicago, May 30 – Barclays Bank plc priced $1.2 million of phoenix autocallable notes due Aug. 26, 2019 linked to the least performing of the American depositary shares of Alibaba Group Holding Ltd. and the common stocks of Facebook, Inc., salesforce.com, inc. and Intuitive Surgical, 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 14.25% 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 other than the final date.
The payout at maturity will be par unless any underlying asset unless any asset falls by more than 15%, in which case investors will be exposed to any losses of the worst performing stock beyond the buffer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered phoenix autocallable notes
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| Underlying assets: | Alibaba Group Holding Ltd. (Symbol: BABA), Facebook, Inc. (Symbol: FB), salesforce.com, inc. (Symbol: CRM) and Intuitive Surgical, Inc. (Symbol: ISRG)
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| Amount: | $1,202,000
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| Maturity: | Aug. 26, 2019
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| Coupon: | 14.25% 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 falls by more than 15%, in which case 1% loss per 1% decline of the worst performing stock beyond 15%
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| Call: | At par plus contingent coupon if each asset closes at or above initial level on any call valuation date other than the final date
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| Initial levels: | $197.64 for Alibaba, $184.49 for Facebook, $126.37 for salesforce and $463.38 for Intuitive Surgical
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| Coupon barriers: | $138.348 for Alibaba, $129.143 for Facebook, $88.459 for salesforce and $324.366 for Intuitive Surgical, 70% of initial levels
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| Pricing date: | May 21
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| Settlement date: | May 24
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| Agent: | Barclays
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| Fees: | 2.25%
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| Cusip: | 06746XCN1
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