Published on 6/4/2018 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $967,000 15.75% phoenix autocalls tied to three stocks
By Susanna Moon
Chicago, June 1 – Barclays Bank plc priced $967,000 of phoenix autocallable notes due May 27, 2022 linked to the least performing of the common stocks of Amazon.com Inc. and ServiceNow, Inc. and the American depositary shares of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15.75% 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.
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: | Amazon.com Inc. (Symbol: AMZN), ServiceNow, Inc. (Symbol: NOW) and Alibaba Group Holding Ltd. (Symbol: BABA)
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| Amount: | $967,000
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| Maturity: | May 27, 2022
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| Coupon: | 15.75% 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 quarterly call valuation date from November 2018 through March 2022
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| Initial levels: | $1,603.07 for Amazon, $175.52 for ServiceNow and $197.37 for Alibaba
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| Coupon barriers: | $1,042.00 for Amazon, $114.09 for ServiceNow and $128.29 for Alibaba, 65% of initial levels
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| Trigger levels: | $961.84 for Amazon, $105.31 for ServiceNow and $118.42 for Alibaba, 60% of initial levels
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| Pricing date: | May 24
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| Settlement date: | June 1
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| Agent: | Barclays
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| Fees: | 2.65%
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| Cusip: | 06746XCU5
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